EMPLOYEE RETIREMENT PLANS

3 Months Ended

Mar. 31, 2014

Compensation and Retirement Disclosure [Abstract]

EMPLOYEE RETIREMENT PLANS

EMPLOYEE RETIREMENT PLANS

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

	Three months ended March 31,
	2014			2013
Pension plans:
Service cost	$	3,191		$	3,426
Interest cost	2,381			1,910
Expected return on plan assets	(5,183		)	(4,288		)
Amortization of net actuarial loss	64			1,466
Amortization of prior service cost	8			13
Net periodic pension benefit cost	$	461		$	2,527
Postretirement benefit plans:
Service cost	$	315		$	1,575
Interest cost	564			1,543
Expected return on plan assets	(1,099		)	(908		)
Amortization of net actuarial loss	413			924
Amortization of prior service credit	(2,867		)	(623		)
Net periodic postretirement benefit cost (income)	$	(2,674	)	$	2,511

The net periodic postretirement benefit income recognized on Employers Mutual's postretirement benefit plans during the three months ended March 31, 2014 is due to a plan amendment that was announced in the fourth quarter of 2013. This plan amendment generated a large prior service credit that is being amortized into net periodic benefit cost over a number of years. In addition, the service cost and interest cost components of net periodic benefit cost of the revised plan declined significantly.

Net periodic pension benefit cost allocated to the Company amounted to $144 and $782 for the three months ended March 31, 2014 and 2013, respectively.  Net periodic postretirement benefit cost (income) allocated to the Company amounted to $(771) and $728 for the three months ended March 31, 2014 and 2013, respectively.

The Company’s share of Employers Mutual’s 2014 planned contributions to the pension plan and the Voluntary Employee Beneficiary Association (VEBA) trust, if made, will be approximately $4,500 and $0, respectively.