EMPLOYEE RETIREMENT PLANS

9 Months Ended

Sep. 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 September 30,						Nine months ended September 30,
	2013			2012			2013			2012
Pension plans:
Service cost	$	3,303,199		$	3,070,032		$	9,909,597		$	9,289,516
Interest cost	1,914,009			2,200,255			5,742,028			6,614,093
Expected return on plan assets	(4,287,616		)	(3,731,362		)	(12,862,847		)	(11,194,084		)
Amortization of net actuarial loss	1,490,590			1,692,028			4,471,771			5,106,432
Amortization of prior service cost	12,582			72,788			37,747			218,364
Net periodic pension benefit cost	$	2,432,764		$	3,303,741		$	7,298,296		$	10,034,321
Postretirement benefit plans:
Service cost	$	1,574,979		$	1,537,530		$	4,724,937		$	4,612,590
Interest cost	1,542,971			1,634,209			4,628,913			4,902,629
Expected return on plan assets	(907,750		)	(804,794		)	(2,723,250		)	(2,414,382		)
Amortization of net actuarial loss	923,505			1,002,154			2,770,515			3,006,462
Amortization of prior service credit	(622,781		)	(532,814		)	(1,868,343		)	(1,598,442		)
Net periodic postretirement benefit cost	$	2,510,924		$	2,836,285		$	7,532,772		$	8,508,857

Net periodic pension benefit cost allocated to the Company amounted to $753,329 and $1,016,552 for the three months and $2,259,987 and $3,086,582 for the nine months ended September 30, 2013 and 2012, respectively.  Net periodic postretirement benefit cost allocated to the Company amounted to $727,946 and $821,794 for the three months and $2,183,838 and $2,465,388 for the nine months ended September 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 $150,000, respectively.