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Retirement Plans
 9 Months Ended
Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract]  
Retirement Plans
Retirement Plans
The following table shows the net periodic benefit cost related to the Retirement Income Plan for Selective Insurance Company of America (“Retirement Income Plan”) and the life insurance benefits provided to eligible Selective Insurance Company of America retirees (referred to as the "Retirement Life Plan"). For more information concerning these plans, refer to Note 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2013 Annual Report.
 
 
Retirement Income Plan
Quarter ended September 30,
 
Retirement Life Plan
Quarter ended September 30,
($ in thousands)
 
2014
 
2013
 
2014
 
2013
Components of Net Periodic Benefit Cost:
 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
Service cost
 
$
1,627

 
1,857

 
—

 
—

Interest cost
 
3,253

 
3,053

 
73

 
69

Expected return on plan assets
 
(3,919
)
 
(3,986
)
 
—

 
—

Amortization of unrecognized net actuarial loss
 
367

 
772

 
14

 
18

Total net periodic cost
 
$
1,328

 
1,696

 
87

 
87


 
 
Retirement Income Plan
Nine Months ended September 30,
 
Retirement Life Plan
Nine Months ended September 30,
($ in thousands)
 
2014
 
2013
 
2014
 
2013
Components of Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
Service cost
 
$
4,880

 
6,163

 
—

 
—

Interest cost
 
9,760

 
9,407

 
219

 
208

Expected return on plan assets
 
(11,756
)
 
(11,819
)
 
—

 
—

Amortization of unrecognized prior service
 
—

 
10

 
—

 
—

Amortization of unrecognized net actuarial loss
 
1,102

 
3,366

 
40

 
53

Curtailment expense
 
—

 
16

 
—

 
—

Total net periodic cost
 
$
3,986

 
7,143

 
259

 
261



 
 
Retirement Income Plan
Nine Months ended September 30,
 
Retirement Life Plan
Nine Months ended September 30,
 
 
2014
 
2013
 
2014
 
2013
Weighted-Average Expense Assumptions:
 
 
 
 
 
 
 
 
Discount rate
 
5.16
%
 
4.66
 
4.85
%
 
4.42
Expected return on plan assets
 
6.92

 
7.40
 
—

 
—
Rate of compensation increase
 
4.00

 
4.00
 
—

 
—


We presently anticipate contributing $10.4 million to the Retirement Income Plan in 2014, $8.0 million of which has been funded as of September 30, 2014.