XML 55 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Retirement Plans
 6 Months Ended
Jun. 30, 2012
Compensation and Retirement Disclosure [Abstract]  
Retirement Plans
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
Quarter ended June 30,
 
Retirement Life Plan
Quarter ended June 30,
($ in thousands)
 
2012
 
2011
 
2012
 
2011
Components of Net Periodic Benefit Cost:
 
 

 
 

 
 

 
 

Service cost
 
$
2,154

 
2,174

 
—

 
—

Interest cost
 
3,230

 
3,155

 
74

 
76

Expected return on plan assets
 
(3,547
)
 
(3,481
)
 
—

 
—

Amortization of unrecognized prior service cost
 
37

 
38

 
—

 
—

Amortization of unrecognized net loss
 
1,383

 
1,099

 
8

 
5

Net periodic cost
 
$
3,257

 
2,985

 
82

 
81



 
 
Retirement Income Plan
Six Months ended June 30,
 
Retirement Life Plan
Six Months ended June 30,
($ in thousands)
 
2012
 
2011
 
2012
 
2011
Components of Net Periodic Benefit Cost:
 
 

 
 

 
 

 
 

Service cost
 
$
4,308

 
4,347

 
—

 
—

Interest cost
 
6,460

 
6,310

 
148

 
153

Expected return on plan assets
 
(7,094
)
 
(6,963
)
 
—

 
—

Amortization of unrecognized prior service cost
 
75

 
75

 
—

 
—

Amortization of unrecognized net loss
 
2,766

 
2,200

 
15

 
9

Net periodic cost
 
$
6,515

 
5,969

 
163

 
162


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, $4.7 million of which has been funded as of June 30, 2012.