v3.26.3
Employee Benefit Plans
9 Months Ended
Sep. 30, 2026
Retirement Benefits [Abstract]  
Employee Benefit Plans
14. EMPLOYEE BENEFIT PLANS
United has a defined benefit retirement plan covering qualified employees hired prior to October 1, 2007. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. No discretionary contributions were made during the first nine months of 2026 and 2025.
Included in accumulated other comprehensive income at December 31, 2025 are unrecognized actuarial losses of $10,725 that have not yet been recognized in net periodic pension cost.
Net periodic pension costs, except for service cost, are recognized in employee benefits on the consolidated statements of income. Service cost is recognized in employee compensation.
Net periodic pension cost for the three and nine months ended September 30, 2026 and 2025 included the following components:
 
     Three Months Ended
September 30
    Nine Months Ended
September 30
 
     2026     2025     2026     2025  
Service cost
   $ 152     $ 275     $ 820     $ 967  
Interest cost
     1,827       1,905       5,334       5,555  
Expected return on plan assets
     (2,930 )      (2,790 )      (8,694 )      (8,262 ) 
Recognized net actuarial loss
     0       52       0       52  
  
 
 
   
 
 
   
 
 
   
 
 
 
Net periodic pension benefit
   $ (951 )    $ (558 )    $ (2,540 )    $ (1,688 ) 
  
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average assumptions:
        
Discount Rate
     5.67 %      5.77 %      5.67 %      5.77 % 
Expected return on assets
     6.00 %      6.15 %      6.00 %      6.15 % 
Rate of Compensation Increase (prior to age 40)
     6.00 %      6.00 %      6.00 %      6.00 % 
Rate of Compensation Increase (ages 40-49)
     5.50 %      5.50 %      5.50 %      5.50 % 
Rate of Compensation Increase (ages 50-54)
     5.00 %      5.00 %      5.00 %      5.00 % 
Rate of Compensation Increase (ages 55-64)
     4.00 %      4.00 %      4.00 %      4.00 % 
Rate of Compensation Increase (otherwise)
     3.00 %      3.00 %      3.00 %      3.00 %