XML 30 R18.htm IDEA: XBRL DOCUMENT v3.19.2
Retirement Plans
 6 Months Ended
Jun. 30, 2019
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
SICA's primary pension plan is the Retirement Income Plan for Selective Insurance Company of America (the “Pension Plan”). SICA also sponsors the Supplemental Excess Retirement Plan (the “Excess Plan”) and a life insurance benefit plan. All plans are closed to new entrants and benefits ceased accruing under the Pension Plan and the Excess Plan after March 31, 2016. For more information concerning SICA's retirement plans, refer to Note 14. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2018 Annual Report.

The following tables provide information regarding the Pension Plan:
 
 
Pension Plan
 
Pension Plan
 
 
Quarter ended June 30,
 
Six Months ended June 30,
($ in thousands)
 
2019
 
2018
 
2019
 
2018
Net Periodic Pension Cost (Benefit):
 
 
 
 
 
 
 
 
Interest cost
 
$
3,376

 
3,095

 
6,753

 
6,190

Expected return on plan assets
 
(5,278
)
 
(5,681
)
 
(10,557
)
 
(11,363
)
Amortization of unrecognized net actuarial loss
 
643

 
493

 
1,287

 
987

Total net periodic pension cost (benefit)1
 
$
(1,259
)
 
(2,093
)
 
(2,517
)
 
(4,186
)

1 The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.
 
 
Pension Plan
 
 
Six Months ended June 30,
 
 
2019
 
2018
Weighted-Average Expense Assumptions:
 
 
 
 
Discount rate
 
4.46
%
 
3.78
%
Effective interest rate for calculation of interest cost
 
4.12

 
3.46

Expected return on plan assets
 
6.50

 
6.36