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EMPLOYEE RETIREMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Schedule of funded status of Employers Mutual's pension and postretirement benefit plans
The following table sets forth the funded status of Employers Mutual’s pension and postretirement benefit plans as of December 31, 2013 and 2012, based upon measurement dates of December 31, 2013 and 2012, respectively.
 
 
Pension plans
 
Postretirement benefit plans
 
 
2013
 
2012
 
2013
 
2012
Change in projected benefit obligation:
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
 
$
247,290,081

 
$
225,100,396

 
$
155,102,015

 
$
144,354,348

Service cost
 
13,212,796

 
12,386,021

 
6,299,916

 
6,150,118

Interest cost
 
7,656,037

 
8,818,790

 
6,171,884

 
6,536,842

Actuarial loss
 
(14,458,374
)
 
14,251,377

 
(18,581,923
)
 
4,086,259

Benefits paid
 
(14,591,200
)
 
(13,266,503
)
 
(2,587,765
)
 
(2,787,354
)
Medicare subsidy reimbursements
 
—

 
—

 
305,971

 
579,650

Plan amendments
 
—

 
—

 
(96,704,413
)
 
(3,817,848
)
Projected benefit obligation at end of year
 
239,109,340

 
247,290,081

 
50,005,685

 
155,102,015

 
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
 
Fair value plan of plan assets at beginning of year
 
240,033,882

 
209,926,692

 
57,815,079

 
53,446,305

Actual return on plan assets
 
48,623,187

 
27,715,290

 
11,548,326

 
5,656,128

Employer contributions
 
14,684,459

 
15,658,403

 
500,000

 
1,500,000

Benefits paid
 
(14,591,200
)
 
(13,266,503
)
 
(2,587,765
)
 
(2,787,354
)
Fair value of plan assets at end of year
 
288,750,328

 
240,033,882

 
67,275,640

 
57,815,079

Funded status
 
$
49,640,988

 
$
(7,256,199
)
 
$
17,269,955

 
$
(97,286,936
)
Schedule of amounts recognized in consolidated balance sheet
Amounts recognized in the Company’s consolidated balance sheets:
 
 
Pension plans
 
Postretirement benefit plans
 
 
2013
 
2012
 
2013
 
2012
Assets:
 
 
 
 
 
 
 
 
Prepaid pension and postretirement benefits
 
$
18,310,029

 
$
1,413,104

 
$
4,810,529

 
$
—

Liability:
 
 
 
 
 
 
 
 
Pension and postretirement benefits
 
(3,401,045
)
 
(3,800,987
)
 
—

 
(26,913,646
)
Net amount recognized
 
$
14,908,984

 
$
(2,387,883
)
 
$
4,810,529

 
$
(26,913,646
)
Schedule of amounts recognized in consolidated balance sheets under the caption accumulated other comprehensive income
Amounts recognized in the Company’s consolidated balance sheets under the caption “accumulated other comprehensive income”, before deferred income taxes:
 
 
Pension plans
 
Postretirement benefit plans
 
 
2013
 
2012
 
2013
 
2012
Net actuarial loss
 
$
(7,605,752
)
 
$
(23,299,008
)
 
$
(6,827,263
)
 
$
(15,133,387
)
Prior service (cost) credit
 
(34,482
)
 
(49,643
)
 
30,828,393

 
4,554,453

Net amount recognized
 
$
(7,640,234
)
 
$
(23,348,651
)
 
$
24,001,130

 
$
(10,578,934
)
Schedule of amounts recognized in consolidated statements of comprehensive income
Amounts recognized in the Company’s consolidated statements of comprehensive income, before deferred income taxes:
 
 
Pension plans
 
Postretirement benefit plans
 
 
2013
 
2012
 
2013
 
2012
Net actuarial gain (loss)
 
$
15,693,256

 
$
1,620,026

 
$
8,306,124

 
$
491,692

Prior service (cost) credit
 
15,161

 
87,981

 
26,273,940

 
508,273

Net amount recognized
 
$
15,708,417

 
$
1,708,007

 
$
34,580,064

 
$
999,965
Schedule of projected benefit obligation, accumulated benefit obligation and fair value of plan assets
The following table sets forth the projected benefit obligation, accumulated benefit obligation and fair value of plan assets of Employers Mutual’s non-qualified pension plan.  The amounts related to the qualified pension plan are not included since the plan assets exceeded the accumulated benefit obligation.
 
 
 
 
Year ended December 31,
 
 
 
 
2013
 
2012
Projected benefit obligation
 
$
10,856,004

 
$
11,931,828

Accumulated benefit obligation
 
10,485,220

 
10,889,563

Fair value of plan assets
 
—

 
—
Components of net periodic benefit cost
The components of net periodic benefit cost for Employers Mutual’s pension and postretirement benefit plans is as follows:
 
 
Year ended December 31,
 
 
2013
 
2012
 
2011
Pension plans:
 
 
 
 
 
 
Service cost
 
$
13,212,796

 
$
12,386,021

 
$
11,527,452

Interest cost
 
7,656,037

 
8,818,790

 
9,703,193

Expected return on plan assets
 
(17,150,462
)
 
(14,925,445
)
 
(15,506,042
)
Amortization of net actuarial loss
 
5,962,361

 
6,808,576

 
3,528,096

Amortization of prior service cost
 
50,329

 
291,152

 
432,134

Net periodic pension benefit cost
 
$
9,731,061

 
$
13,379,094

 
$
9,684,833

 
 
 
 
 
 
 
Postretirement benefit plans:
 
 
 
 
 
 
Service cost
 
$
6,299,916

 
$
6,150,118

 
$
4,602,488

Interest cost
 
6,171,884

 
6,536,842

 
5,998,581

Expected return on plan assets
 
(3,631,000
)
 
(3,219,175
)
 
(2,929,894
)
Amortization of net actuarial loss
 
3,694,018

 
4,008,614

 
1,776,849

Amortization of prior service credit
 
(2,491,125
)
 
(2,131,256
)
 
(2,131,256
)
Net periodic postretirement benefit cost
 
$
10,043,693

 
$
11,345,143

 
$
7,316,768
Schedule of weighted-average assumptions used
The weighted-average assumptions used to measure the benefit obligations are as follows:
 
 
 
 
Year ended December 31,
 
 
 
 
2013
 
2012
Pension plans:
 
 
 
 
Discount rate
 
4.17
%
 
3.24
%
Rate of compensation increase:
 
 
 
 
Qualified pension plan
 
4.73
%
 
4.73
%
Non-qualified pension plan
 
4.68
%
 
4.68
%
 
 
 
 
 
Postretirement benefit plans:
 
 
 
 
Discount rate
 
4.71
%
 
4.03
%

The weighted-average assumptions used to measure the net periodic benefit costs are as follows:
 
 
Year ended December 31,
 
 
2013
 
2012
 
2011
Pension plans:
 
 
 
 
 
 
Discount rate
 
3.24
%
 
4.13
%
 
5.00
%
Expected long-term rate of return on plan assets
 
7.25
%
 
7.25
%
 
7.50
%
Rate of compensation increase:
 
 
 
 
 
 
Qualified pension plan
 
4.73
%
 
4.73
%
 
4.73
%
Non-qualified pension plan
 
4.68
%
 
4.68
%
 
4.68
%
 
 
 
 
 
 
 
Postretirement benefit plans:
 
 
 
 
 
 
Discount rate
 
4.03
%
 
4.59
%
 
5.50
%
Expected long-term rate of return on plan assets
 
6.50
%
 
6.25
%
 
6.25
%
Schedule of assumed health care cost trend rates
The expected long-term rates of return on plan assets were developed considering actual historical results, current and expected market conditions, plan asset mix and management’s investment strategy.
 
 
 
 
Year ended December 31,
 
 
 
 
2013
 
2012
Assumed health care cost trend rate:
 
 
 
 
Health care cost trend rate assumed for next year
 
7.50
%
 
7.75
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
 
5.00
%
 
5.00
%
Year that the rate reaches the ultimate trend rate
 
2024

 
2024
Schedule of effect of one-percentage-point change in assumed health care cost trend rates
The assumed health care cost trend rate has a significant effect on the service and interest cost components of the net periodic benefit cost and the benefit obligation reported for the postretirement benefit plans.  A one-percentage-point change in the assumed health care cost trend rate would have the following effects on the plan:
 
 
 
 
One-percentage-point
 
 
 
 
Increase
 
Decrease
Effect on total of service and interest cost
 
$
2,655,000

 
$
(2,048,969
)
Effect on postretirement benefit obligation
 
$
60,276

 
$
(60,276
)
Schedule of expected future benefit payments
The following benefit payments, which reflect expected future service, are expected to be paid from the plans over the next ten years:
 
 
 
 
Postretirement benefits
 
 
Pension benefits
 
Gross
 
Medicare subsidy
 
Net
2014
 
$
21,632,278

 
$
4,863,986

 
$
566,889

 
$
4,297,097

2015
 
24,410,864

 
3,030,138

 
—

 
3,030,138

2016
 
19,469,861

 
3,095,475

 
—

 
3,095,475

2017
 
20,228,563

 
3,210,403

 
—

 
3,210,403

2018
 
20,981,451

 
3,339,653

 
—

 
3,339,653

2019 - 2023
 
113,113,599

 
17,222,818

 
—

 
17,222,818
Employers Mutual VEBA Trust
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of fair value of plan assets
The fair values of the assets held in Employers Mutual’s VEBA trust are as follows:
 
 
 
 
Fair value measurements using
December 31, 2013
 
Total
 
Quoted
prices in
active markets
for identical
assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Money market fund
 
$
574,763

 
$
574,763

 
$
—

 
$
—

Emerging markets ETF
 
3,224,265

 
3,224,265

 
—

 
—

Mutual funds:
 
 

 
 

 
 

 
 

Equity
 
39,709,720

 
39,709,720

 
—

 
—

Tax-exempt fixed income
 
2,865,017

 
2,865,017

 
—

 
—

International equity
 
7,674,589

 
7,674,589

 
—

 
—

Life insurance contracts
 
13,227,286

 
—

 
—

 
13,227,286

Total benefit plan assets
 
$
67,275,640

 
$
54,048,354

 
$
—

 
$
13,227,286


 
 
 
 
Fair value measurements using
December 31, 2012
 
Total
 
Quoted
prices in
active markets
for identical
assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Money market fund
 
$
2,478,233

 
$
2,478,233

 
$
—

 
$
—

Emerging markets ETF
 
3,489,949

 
3,489,949

 
—

 
—

Mutual funds:
 
 

 
 

 
 

 
 

Equity
 
29,398,816

 
29,398,816

 
—

 
—

Tax-exempt fixed income
 
2,908,889

 
2,908,889

 
—

 
—

International equity
 
6,666,766

 
6,666,766

 
—

 
—

Life insurance contracts
 
12,872,426

 
—

 
—

 
12,872,426

Total benefit plan assets
 
$
57,815,079

 
$
44,942,653

 
$
—

 
$
12,872,426
Reconciliation of assets measured at fair value using significant unobservable inputs
Presented below is a reconciliation of the assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012.
 
 
 
 
Fair value measurements
using significant
unobservable inputs (Level 3)
 
 
 
 
Life insurance contracts
 
 
 
 
 
 
2013
 
2012
Balance at beginning of year
 
$
12,872,426

 
$
12,490,608

Actual return on plan assets:
 
 

 
 

Increase in cash accumulation value of life insurance contracts
 
354,860

 
381,818

Balance at end of year
 
$
13,227,286

 
$
12,872,426
Employers Mutual Defined Benefit Retirement Plan
  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of fair value of plan assets
The fair values of the assets held in Employers Mutual’s defined benefit retirement plan are as follows:
 
 
 
 
Fair value measurements using
December 31, 2013
 
Total
 
Quoted
prices in
active markets
for identical
assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Bond and mortgage separate account
 
$
32,842,844

 
$
—

 
$
32,842,844

 
$
—

Pooled separate accounts:
 
 
 
 
 
 
 
 
U.S. stock funds
 
110,278,544

 
—

 
110,278,544

 
—

International stock funds
 
62,839,927

 
—

 
62,839,927

 
—

U.S. bond funds
 
60,200,104

 
—

 
60,200,104

 
—

Real estate fund
 
13,758,266

 
—

 
13,758,266

 
—

Short-term funds
 
7,672,422

 
—

 
7,672,422

 
—

Real estate securities fund
 
1,158,221

 
1,158,221

 
—

 
—

Total benefit plan assets
 
$
288,750,328

 
$
1,158,221

 
$
287,592,107

 
$
—


 
 
 
 
Fair value measurements using
December 31, 2012
 
Total
 
Quoted
prices in
active markets
for identical
assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Bond and mortgage separate account
 
$
29,689,019

 
$
—

 
$
29,689,019

 
$
—

Pooled separate accounts:
 
 
 
 
 
 
 
 
U.S. stock funds
 
123,183,685

 
—

 
123,183,685

 
—

International stock funds
 
46,927,216

 
—

 
46,927,216

 
—

U.S. bond funds
 
34,412,351

 
—

 
34,412,351

 
—

Short-term funds
 
1,199,931

 
—

 
1,199,931

 
—

Real estate securities fund
 
4,621,680

 
4,621,680

 
—

 
—

Total benefit plan assets
 
$
240,033,882

 
$
4,621,680

 
$
235,412,202

 
$
—