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Retirement Plans
 6 Months Ended
Jun. 30, 2023
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”). The plan is closed to new entrants, and benefits ceased accruing under the Pension Plan after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2022 Annual Report.

The following tables provide information about the Pension Plan:

Pension Plan
Quarter ended June 30,Six Months ended June 30,
($ in thousands)2023202220232022
Net Periodic Pension Cost (Benefit):
Interest cost$3,866 2,486 $7,732 4,972 
Expected return on plan assets(5,772)(5,537)(11,545)(11,074)
Amortization of unrecognized net actuarial loss750 367 1,501 733 
Total net periodic pension cost (benefit)1
$(1,156)(2,684)$(2,312)(5,369)
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,
20232022
Weighted-Average Expense Assumptions:
Discount rate5.21 %2.98 %
Effective interest rate for calculation of interest cost5.09 2.48 
Expected return on plan assets6.90 5.00