M&T BANK CORP
For the period ended Mar 31, 2025. Filed May 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 5, 2025
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7. Pension plans and other postretirement benefits
- Pension plans and other postretirement benefits
The Company provides defined pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic benefit for defined benefit plans consisted of the following:
| Pension Benefits · Other Postretirement Benefits | ||||
|---|---|---|---|---|
| Three Months Ended March 31, | ||||
| (Dollars in millions) | 2025 | 2024 | 2025 | 2024 |
| Service cost | $2 | $2 | $— | $— |
| Interest cost on projected benefit obligation | 27 | 29 | 1 | 1 |
| Expected return on plan assets | (46) | (51) | — | — |
| Amortization of net actuarial gain | (1) | — | (1) | (1) |
| Net periodic benefit | $(18) | $(20) | $— | $— |
Service cost is reflected in Salaries and employee benefits and the other components of net periodic benefit cost are reflected in Other costs of operations in the Consolidated Statement of Income. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $50 million and $45 million for the three months ended March 31, 2025 and 2024, respectively.
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