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Retirement Plans
9 Months Ended
Sep. 30, 2011
Retirement Plans [Abstract] 
Retirement Plans

NOTE 11.             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 September 30,

 

Quarter ended September 30,

($ in thousands)

 

2011

 

2010

 

2011

 

2010

Components of Net Periodic Benefit Cost:

 

 

 

 

 

 

 

 

    Service cost

$

1,894 

 

1,842 

 

- 

 

-

    Interest cost

 

3,087 

 

2,950 

 

77 

 

80

    Expected return on plan assets

 

(3,482)

 

(2,811)

 

- 

 

-

    Amortization of unrecognized prior service cost

 

38 

 

38 

 

- 

 

-

    Amortization of unrecognized net loss

 

1,039 

 

1,016 

 

4 

 

1

    Net periodic cost

$

2,576 

 

3,035 

 

81 

 

81

 

 

 

 

 

 

 

 

 

 

 

 

Retirement Income Plan

 

Retirement Life Plan

 

 

Nine Months ended September 30,

 

Nine Months ended September 30,

($ in thousands)

 

2011

 

2010

 

2011

 

2010

Components of Net Periodic Benefit Cost:

 

 

 

 

 

 

 

 

   Service cost

$

6,241 

 

5,784 

 

-  

 

-

   Interest cost

 

9,397 

 

8,965 

 

230 

 

238

   Expected return on plan assets

 

(10,445)

 

(8,437)

 

- 

 

-

   Amortization of unrecognized prior service cost

 

113 

 

113 

 

- 

 

-

   Amortization of unrecognized net loss

 

3,239 

 

3,111 

 

13 

 

4

   Net periodic cost

$

8,545 

 

9,536 

 

243 

 

242

 

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, $7.1 million of which has been funded as of September 30, 2011.