XML 31 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Retirement Plans
 6 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
The primary pension plan for our employees 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 2019 Annual Report.

The following tables provide information about the Pension Plan:
 
 
Pension Plan
 
Pension Plan
 
 
Quarter ended June 30,
 
Six Months ended June 30,
($ in thousands)
 
2020
 
2019
 
2020
 
2019
Net Periodic Pension Cost (Benefit):
 
 
 
 
 
 
 
 
Interest cost
 
$
2,828

 
3,376

 
5,656

 
6,753

Expected return on plan assets
 
(5,476
)
 
(5,278
)
 
(10,953
)
 
(10,557
)
Amortization of unrecognized net actuarial loss
 
704

 
643

 
1,408

 
1,287

Total net periodic pension cost (benefit)1
 
$
(1,944
)
 
(1,259
)
 
(3,889
)
 
(2,517
)
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,
 
 
2020
 
2019
Weighted-Average Expense Assumptions:
 
 
 
 
Discount rate
 
3.33
%
 
4.46
%
Effective interest rate for calculation of interest cost
 
2.95

 
4.12

Expected return on plan assets
 
5.80

 
6.50