Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 96

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 96
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398 $55,761 Change in Plan Assets:  Fair value of plan assets at beginning of year$82,258 $77,534 Actual return on plan assets4,006 9,395 Employer contributions588 594 Benefits paid(7,317)(5,265)End of year79,535 82,258 Funded status at end of year$31,137 $26,497 Assets and Liabilities Recognized in the Balance Sheets:  Deferred tax asset$505 $1,141 Assets$33,217 $29,262 Liabilities$2,081 $2,765 As of December 31, 2024, the funded status of the plans increased $4.6 million from December 31, 2023. The aggregate unrecognized loss decreased from $4.6 million at December 31, 2023 to $2.0 million at December 31, 2024.  The key contributing factors to the change in the unrecognized loss were the discount rate increased by 50 basis points from 5.10 percent to 5.60 percent, which decreased the liability $1.7 million and the assets in the plan earned a return of $4.0 million, which was $0.1 million less than the expected return. The accumulated benefit obligation for all defined benefit plans was $48.4 million and $55.8 million at December 31, 2024 and 2023, respectively.Information for pension plans with an accumulated benefit obligation in excess of plan assets consists solely of the non-qualified plans for certain employees, former employees and former non-employee directors, and is included in the table below. December 31, 2024December 31, 2023Projected benefit obligation$2,081 $2,765 Accumulated benefit obligation$2,081 $2,765 Fair value of plan assets$— $— The Corporation recognized expense under these non-qualified plans of $0.1 million, $0.2 million and $0.1 million for 2024, 2023 and 2022, respectively.The following table shows the components of net periodic pension benefit cost:December 31, 2024December 31, 2023December 31, 2022Interest cost2,632 2,876 1,905 Expected return on plan assets(4,133