EMPLOYEE RETIREMENT PLANS

6 Months Ended

Jun. 30, 2013

Compensation and Retirement Disclosure [Abstract]

EMPLOYEE RETIREMENT PLANS

EMPLOYEE RETIREMENT PLANS

The components of net periodic benefit cost for Employers Mutual’s pension and postretirement benefit plans is as follows:

	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
Pension plans:
Service cost	$	3,180,920		$	2,849,900		$	6,606,398		$	6,219,484
Interest cost	1,917,778			2,213,713			3,828,019			4,413,838
Expected return on plan assets	(4,287,615		)	(3,731,361		)	(8,575,231		)	(7,462,722		)
Amortization of net actuarial loss	1,515,096			1,745,644			2,981,181			3,414,404
Amortization of prior service cost	12,583			72,788			25,165			145,576
Net periodic pension benefit cost	$	2,338,762		$	3,150,684		$	4,865,532		$	6,730,580
Postretirement benefit plans:
Service cost	$	1,574,979		$	1,537,530		$	3,149,958		$	3,075,060
Interest cost	1,542,971			1,634,210			3,085,942			3,268,420
Expected return on plan assets	(907,750		)	(804,794		)	(1,815,500		)	(1,609,588		)
Amortization of net actuarial loss	923,505			1,002,154			1,847,010			2,004,308
Amortization of prior service credit	(622,781		)	(532,814		)	(1,245,562		)	(1,065,628		)
Net periodic postretirement benefit cost	$	2,510,924		$	2,836,286		$	5,021,848		$	5,672,572

Net periodic pension benefit cost allocated to the Company amounted to $725,127 and $970,632 for the three months and $1,506,658 and $2,070,030 for the six months ended June 30, 2013 and 2012, respectively.  Net periodic postretirement benefit cost allocated to the Company amounted to $727,946 and $821,798 for the three months and $1,455,892 and $1,643,594 for the six months ended June 30, 2013 and 2012, respectively.

The Company’s share of Employers Mutual’s 2013 planned contributions to the pension plan and the Voluntary Employee Beneficiary Association (VEBA) trust, if made, will be approximately $4,500,000 and $1,200,000, respectively.