XML 56 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Retirement Plans
 3 Months Ended
Mar. 31, 2012
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 16. "Retirement Plans" in Item 8. "Financial Statements and Supplementary Data." of our 2011 Annual Report.

 

                 

 

 

Retirement Income Plan

 

Retirement Life Plan

 

 

Quarter ended March 31,

 

Quarter ended March 31,

($ in thousands)

 

2012

 

2011

 

2012

 

2011

Components of Net Periodic Benefit Cost:

 

 

 

 

 

 

 

 

    Service cost

$

2,154 

 

2,173 

 

-

 

-

    Interest cost

 

3,230 

 

3,155 

 

74

 

77

    Expected return on plan assets

 

(3,547)

 

(3,482)

 

-

 

-

    Amortization of unrecognized prior service cost

 

38

 

 37 

 

-

 

-

    Amortization of unrecognized net loss

 

1,383

 

1,101 

 

7

 

4

    Net periodic cost

$

3,258

 

2,984 

 

81

 

81

 

 

 

 

 

 

 

 

 

 

Weighted-Average Expense Assumptions

 

 

 

 

 

 

 

 

for the years ended December 31:

 

 

 

 

 

 

 

 

    Discount rate

 

5.16

%

5.55

 

5.16

%

5.55

    Expected return on plan assets

 

7.75

%

8.00

 

-

%

-

    Rate of compensation increase

 

4.00

%

4.00

 

-

%

-

 

We presently anticipate contributing $8.4 million to the Retirement Income Plan in 2012, $2.4 million of which has been funded as of March 31, 2012.