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Retirement Plans
 6 Months Ended
Jun. 30, 2022
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”). Selective Insurance Company of America (“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 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2021 Annual Report.

The following tables provide information about the Pension Plan:

Pension Plan
Quarter ended June 30,Six Months ended June 30,
($ in thousands)20222021 2022 2021
Net Periodic Pension Cost (Benefit):
Interest cost$2,486 2,149 $4,972 4,297 
Expected return on plan assets(5,537)(5,744)(11,074)(11,488)
Amortization of unrecognized net actuarial loss367 625 733 1,250 
Total net periodic pension cost (benefit)1
$(2,684)(2,970)$(5,369)(5,941)
1The 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,
20222021
Weighted-Average Expense Assumptions:
Discount rate2.98 %2.68 %
Effective interest rate for calculation of interest cost2.48 2.06 
Expected return on plan assets5.00 5.40