v3.25.2
Defined Benefit and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Defined Benefit and Other Postretirement Benefits

Note 11 – Defined Benefit and Other Postretirement Benefits

Qualified Pension Plan

Trustmark maintains a noncontributory tax-qualified defined benefit pension plan titled the Trustmark Corporation Pension Plan for Certain Employees of Acquired Financial Institutions (the Continuing Plan) to satisfy commitments made by Trustmark to associates covered through plans obtained in acquisitions.

The following table presents information regarding the net periodic benefit cost for the Continuing Plan for the periods presented ($ in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

9

 

 

$

10

 

 

$

18

 

 

$

20

 

Interest cost

 

 

69

 

 

 

61

 

 

 

138

 

 

 

123

 

Expected return on plan assets

 

 

(31

)

 

 

(24

)

 

 

(63

)

 

 

(48

)

Recognized net (gain) loss due to lump sum settlements

 

 

—

 

 

 

(13

)

 

 

(50

)

 

 

(13

)

Recognized net actuarial (gain) loss

 

 

(2

)

 

 

—

 

 

 

(4

)

 

 

—

 

Net periodic benefit cost

 

$

45

 

 

$

34

 

 

$

39

 

 

$

82

 

 

For the plan year ending December 31, 2025, Trustmark’s minimum required contribution to the Continuing Plan is $109 thousand; however, Management and the Board of Directors of Trustmark will monitor the Continuing Plan throughout 2025 to determine any additional funding requirements by the plan’s measurement date, which is December 31.

Supplemental Retirement Plans

Trustmark maintains a nonqualified supplemental retirement plan covering key executive officers and senior officers as well as directors who have elected to defer fees. The plan provides for retirement and/or death benefits based on a participant’s covered salary or deferred fees. Although plan benefits may be paid from Trustmark’s general assets, Trustmark has purchased life insurance contracts on the participants covered under the plan, which may be used to fund future benefit payments under the plan. The annual measurement date for the plan is December 31. As a result of mergers prior to 2014, Trustmark became the administrator of nonqualified supplemental retirement plans, for which the plan benefits were frozen prior to the merger date.

The following table presents information regarding the net periodic benefit cost for Trustmark’s nonqualified supplemental retirement plans for the periods presented ($ in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

4

 

 

$

11

 

 

$

8

 

 

$

22

 

Interest cost

 

 

475

 

 

 

459

 

 

 

970

 

 

 

936

 

Amortization of prior service cost

 

 

3

 

 

 

27

 

 

 

7

 

 

 

55

 

Recognized net actuarial loss

 

 

63

 

 

 

84

 

 

 

136

 

 

 

179

 

Net periodic benefit cost

 

$

545

 

 

$

581

 

 

$

1,121

 

 

$

1,192