EMPLOYEE RETIREMENT PLANS

9 Months Ended

Sep. 30, 2015

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   September 30,						Nine months ended   September 30,
($ in thousands)	2015			2014			2015			2014
Pension plans:
Service cost	$	3,497		$	3,216		$	10,471		$	9,647
Interest cost	2,341			2,416			6,983			7,248
Expected return on plan assets	(5,074		)	(5,183		)	(15,223		)	(15,549		)
Amortization of net actuarial loss	719			91			2,033			274
Amortization of prior service cost	8			8			23			24
Net periodic pension benefit cost	$	1,491		$	548		$	4,287		$	1,644
Postretirement benefit plans:
Service cost	$	353		$	315		$	1,059		$	945
Interest cost	537			564			1,611			1,691
Expected return on plan assets	(1,104		)	(1,099		)	(3,312		)	(3,297		)
Amortization of net actuarial loss	437			413			1,309			1,238
Amortization of prior service credit	(2,867		)	(2,867		)	(8,600		)	(8,600		)
Net periodic postretirement benefit income	$	(2,644	)	$	(2,674	)	$	(7,933	)	$	(8,023	)

Net periodic pension benefit cost allocated to the Company amounted to $456,000 and $170,000 for the three months and $1.3 million and $510,000 for the nine months ended September 30, 2015 and 2014, respectively.  Net periodic postretirement benefit income allocated to the Company amounted to $761,000 and $770,000 for the three months and $2.3 million and $2.3 million for the nine months ended September 30, 2015 and 2014, respectively.

The Company’s share of Employers Mutual’s remaining 2015 planned contribution to the pension plan, if made, will be approximately $900,000. No contributions will be made to the Voluntary Employee Beneficiary Association (VEBA) trust in 2015.