XML 44 R18.htm IDEA: XBRL DOCUMENT v3.19.3
Retirement Plans
 9 Months Ended
Sep. 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 September 30,
 
Nine Months ended September 30,
($ in thousands)
 
2019
 
2018
 
2019
 
2018
Net Periodic Pension Cost (Benefit):
 
 
 
 
 
 
 
 
Interest cost
 
$
3,376

 
3,095

 
10,129

 
9,285

Expected return on plan assets
 
(5,278
)
 
(5,681
)
 
(15,835
)
 
(17,044
)
Amortization of unrecognized net actuarial loss
 
644

 
494

 
1,931

 
1,481

Total net periodic pension cost (benefit)1
 
$
(1,258
)
 
(2,092
)
 
(3,775
)
 
(6,278
)

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
 
 
Nine Months ended September 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