Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 64

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 64
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 $275 The components of net periodic benefit cost, other than the service cost component, are included in other noninterest expense in the consolidated statement of income.(Dollars in thousands)Retirement PlansOther Postretirement BenefitsExpected amortization expense for 2025:Amortization (accretion) of net actuarial loss (gain)$251 $(102)During 2025, the Corporation expects to contribute approximately $156 thousand to the Retirement Plans and approximately $107 thousand to Other Postretirement Benefit Plans.

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The following benefits payments, which reflect expected future service, as appropriate, are expected to be paid:(Dollars in thousands)Retirement PlansOther Postretirement BenefitsFor the fiscal year ending:2025$3,202 $107 20263,270 112 20273,297 117 20283,328 121 20293,365 128 Years 2030-203416,818 680        Total$33,280 $1,265   Weighted-average assumptions used to determine benefit obligations at December 31, 2024 and 2023 were as follows:Retirement PlansOther Postretirement Benefits2024202320242023Assumed discount rate5.6 %5.0 %5.6 %5.0 %Assumed salary increase rate3%-6%3%-6%— — The benefit obligation for all plans at December 31, 2024 was based on the Pri-2012 White Collar Dataset Mortality Table with scale MP-2021 fully generational published by the Society of Actuaries. The discount rate is based on matching the Plan's projected cash flows to the spot rates in FTSE Pension Above Median Double-A Curve as of the disclosure date. The assumed salary increase considers available service years from the valuation date through the participant's normal retirement date. Weighted-average assumptions used to determine net periodic costs for the years ended December 31, 2024 and 2023 were as follows: Retirement PlansOther Postretirement Benefits2024202320242023Assumed discount rate5.0 %5.2 %5.0 %5.2 %Assumed long-term rate of investment return6.5 %6.5 %— — Assumed salary increase rate3%-6%3%-6%— — Assumed cash balance interest crediting rate5.6