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Retirement Plans | 9 Months Ended
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Sep. 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 about SICA's retirement plans, see 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 September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Net Periodic Pension Cost (Benefit): |  |  |  |  |  |  |  |
Interest cost |  | $ | 2,828 |  |  | 3,376 |  |  | 8,484 |  |  | 10,129 |
Expected return on plan assets |  | (5,477) |  |  | (5,278) |  |  | (16,430) |  |  | (15,835) |
Amortization of unrecognized net actuarial loss |  | 704 |  |  | 644 |  |  | 2,112 |  |  | 1,931 |
Total net periodic pension cost (benefit)1 |  | $ | (1,945) |  |  | (1,258) |  |  | (5,834) |  |  | (3,775) |
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,
|  | 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 |

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