XML 49 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
EMPLOYEE RETIREMENT PLANS
 6 Months Ended
Jun. 30, 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 
 June 30,
 
Six months ended 
 June 30,
 
 
2014
 
2013
 
2014
 
2013
Pension plans:
 
 
 
 
 
 
 
 
Service cost
 
$
3,240

 
$
3,181

 
$
6,431

 
$
6,607

Interest cost
 
2,451

 
1,918

 
4,832

 
3,828

Expected return on plan assets
 
(5,183
)
 
(4,287
)
 
(10,366
)
 
(8,575
)
Amortization of net actuarial loss
 
119

 
1,515

 
183

 
2,981

Amortization of prior service cost
 
8

 
12

 
16

 
25

Net periodic pension benefit cost
 
$
635

 
$
2,339

 
$
1,096

 
$
4,866

 
 
 
 
 
 
 
 
 
Postretirement benefit plans:
 
 
 
 
 
 
 
 
Service cost
 
$
315

 
$
1,575

 
$
630

 
$
3,150

Interest cost
 
563

 
1,543

 
1,127

 
3,086

Expected return on plan assets
 
(1,099
)
 
(907
)
 
(2,198
)
 
(1,815
)
Amortization of net actuarial loss
 
412

 
923

 
825

 
1,847

Amortization of prior service credit
 
(2,866
)
 
(623
)
 
(5,733
)
 
(1,246
)
Net periodic postretirement benefit cost (income)
 
$
(2,675
)
 
$
2,511

 
$
(5,349
)
 
$
5,022



The net periodic postretirement benefit income recognized on Employers Mutual's postretirement benefit plans during the three and six months ended June 30, 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 $196 and $725 for the three months and $340 and $1,507 for the six months ended June 30, 2014 and 2013, respectively.  Net periodic postretirement benefit cost (income) allocated to the Company amounted to $(771) and $728 for the three months and $(1,542) and $1,456 for the six months ended June 30, 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.