Company: ASB
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000007789-25-000013
Chunk: 69

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-02-12
Form: 10-K
Item: Item 8
Chunk 69
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 be based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.Note 11 Retirement PlansThe Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet participation requirements. The benefits are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes.The Corporation also provides legacy healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans. The funded status and amounts recognized on the 2024 and 2023 consolidated balance sheets for the RAP and Postretirement Plan were as follows: RAPPostretirementPlanRAPPostretirementPlan($ in thousands)2024202420232023Change in fair value of plan assetsFair value of plan assets at beginning of year$453,457 $— $407,405 $— Actual return on plan assets43,676 — 60,565 — Employer contributions— 183 — 171 Gross benefits paid(18,163)(183)(14,513)(171)Fair value of plan assets at end of year(a)$478,970 $— $453,457 $— Change in benefit obligationNet benefit obligation at beginning of year$211,353 $1,425 $208,315 $1,530 Service cost3,027 — 3,189 — Interest cost11,173 73 10,887 78 Actuarial loss (gain)5,975 729 3,475 (12)Gross benefits paid(18,163)(183)(14,513)(171)Net benefit obligation at end of year(a)$213,365 $2,043 $211,353 $1,425 Funded (unfunded) status$265,605 $(2,043)$242,104 $(1,425)Noncurrent assets$265,605 $— $242,104 $— Current liabilities—