Company: NWBI
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001471265-25-000016
Chunk: 366

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 8
Chunk 366
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Table of ContentsNORTHWEST BANCSHARES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024, 2023 and 2022

The following table sets forth the assumptions used to determine benefit obligations at the end of each period: Years ended December 31, 202420232022Discount rate5.44 %4.79 %4.99 %Expected long-term rate of return on assets5.50 %7.00 %6.50 %Rate of increase in compensation levels3.00 %3.00 %3.00 % The expected long-term rate of return on assets is based on the expected return of each of the asset categories, weighted based on the median of the target allocation for each category. We use the FTSE (previously Citigroup) Pension Liability Index rates matching the duration of our benefit payments as of the measurement date to determine the discount rate.The accumulated benefit obligation for the funded defined benefit pension plan was $160 million, $183 million, and $182 million at December 31, 2024, 2023 and 2022, respectively. The accumulated benefit obligation for all unfunded defined benefit plans was $2 million, $2 million, and $3 million at December 31, 2024, 2023 and 2022, respectively. The following table sets forth certain information related to our pension plans: December 31, 20242023Projected benefit obligation$162,193 185,196 Accumulated benefit obligation162,193 185,196 Fair value of plan assets219,604 216,596  Because of the current funding status, we do not anticipate a funding requirement during the year ending December 31, 2025. The investment policy as established by the Plan Administrative Committee, to be followed by the Trustee, is to invest assets based on the target allocations shown in the table below. To meet target allocation ranges set forth by the Plan Administrative Committee, periodically, the assets are reallocated by the Trustee. The investment policy is reviewed periodically to determine if the policy should be changed. Pension assets are conservatively invested with the goal of providing market or better returns with below market risks. Assets are invested in a balanced portfolio composed primarily of