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Retirement Plans
 6 Months Ended
Jun. 30, 2011
Retirement Plans [Abstract]  
Retirement Plans

NOTE 10.             Retirement Plans
The following tables show the costs of the Retirement Income Plan for Selective Insurance Company of America ("Retirement Income Plan") and the retirement life insurance component ("Retirement Life Plan") of the Selective Insurance Company of America Welfare Benefits Plan.  For more information concerning these plans, refer to Note 15. "Retirement Plans" in Item 8. "Financial Statements and Supplementary Data." of our 2010 Annual Report.

 

 

 

Retirement Income Plan

 

Retirement Life Plan

 

 

Quarter ended June 30,

 

Quarter ended June 30,

($ in thousands)

 

2011

 

2010

 

2011

 

2010

Components of Net Periodic Benefit Cost:

 

 

 

 

 

 

 

 

    Service cost

$

2,174 

 

1,945 

 

- 

 

-

    Interest cost

 

3,155 

 

3,090 

 

76 

 

79

    Expected return on plan assets

 

(3,481)

 

(2,810)

 

- 

 

-

    Amortization of unrecognized prior service cost

 

38 

 

38 

 

- 

 

-

    Amortization of unrecognized net loss

 

1,099 

 

1,171 

 

5 

 

1

    Net periodic cost

$

2,985 

 

3,434 

 

81 

 

80

 

 

 

 

 

 

 

 

 

 

 

 

Retirement Income Plan

 

Retirement Life Plan

 

 

Six Months ended June 30,

 

Six Months ended June 30,

($ in thousands)

 

2011

 

2010

 

2011

 

2010

Components of Net Periodic Benefit Cost:

 

 

 

 

 

 

 

 

   Service cost

$

4,347 

 

3,942 

 

- 

 

-

   Interest cost

 

6,310 

 

6,015 

 

153 

 

158

   Expected return on plan assets

 

(6,963)

 

(5,626)

 

- 

 

-

   Amortization of unrecognized prior service cost

 

75 

 

75 

 

- 

 

-

   Amortization of unrecognized net loss

 

2,200 

 

2,095 

 

9 

 

3

   Net periodic cost

$

5,969 

 

6,501 

 

162 

 

161

 

 

 

 

 

 

 

 

 

 

Weighted-Average Expense Assumptions

 

 

 

 

 

 

 

 

for the years ended December 31:

 

 

 

 

 

 

 

 

    Discount rate

 

5.55

%

5.93

 

5.55

%

5.93

    Expected return on plan assets

 

8.00

 

8.00

 

-

 

-

    Rate of compensation increase

 

4.00

 

4.00

 

-

 

-

 

We presently anticipate contributing $8.4 million to the Retirement Income Plan in 2011, $4.7 million of which has been funded as of June 30, 2011.