Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 63

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 63
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retirement Benefits(Dollars in thousands)2024202320242023Change in benefit obligation:Benefit obligation at beginning of year$48,777 $47,279 $2,209 $2,524 Service cost565 532 56 76 Interest cost2,383 2,365 108 129 Actuarial (loss) gain(2,225)1,436 (301)(427)Benefits paid(4,730)(2,835)(86)(93)Benefit obligation at end of year$44,770 $48,777 $1,986 $2,209 Change in plan assets:Fair value of plan assets at beginning of year$54,348 $49,399 $— $— Actual return on plan assets7,002 7,627 — — Benefits paid(4,730)(2,835)(86)(93)Employer contribution and non-qualified benefit payments157 157 86 93 Fair value of plan assets at end of year$56,777 $54,348 $— $— Funded status12,007 5,571 (1,986)(2,209)Unrecognized net actuarial loss (gain)9,265 15,715 (1,015)(784)Net amount recognized$21,272 $21,286 $(3,001)$(2,993)The net actuarial loss (gain) for December 31, 2024 and 2023 was the result of changes in the discount rate, interest crediting rate, cash balance conversion rate and driven by greater than expected compensation increases for certain active participants and active participants working past normal retirement date.Components of net periodic benefit cost (income) were as follows: Retirement PlansOther Postretirement Benefits(Dollars in thousands)202420232022202420232022Service cost$565 $532 $558 $56 $76 $123 Interest cost2,383 2,365 1,573 108 129 96 Expected loss on plan assets(3,478)(3,056)(3,756)— — — Amortization of net actuarial loss (gain)700 1,001 817 (113)(16)56 Net periodic benefit cost (income)$170 $842 $(808)$51 $189