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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans
Employee Benefit Plans
 
Net periodic cost (benefit) of the Defined Benefit Pension, Post-Retirement Medical, and Supplemental Executive Retirement plans included in general insurance expenses in the accompanying condensed consolidated statements of income includes the following components:
 
 
Three Months Ended June 30,
 
Defined Benefit 
Pension Plan
 
Post-Retirement 
Medical Plan
 
Supplemental Executive
Retirement Plan
 
Total
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Components of net periodic cost (benefit):
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
Service cost
$
1,335

 
$
1,509

 
$
293

 
$
264

 
$
73

 
$
70

 
$
1,701

 
$
1,843

Interest cost
6,282

 
5,997

 
175

 
126

 
444

 
531

 
6,901

 
6,654

Expected return on plan assets
(6,278
)
 
(7,087
)
 
—

 
—

 
—

 
—

 
(6,278
)
 
(7,087
)
Amortization of unrecognized prior service costs (benefits)
—

 
3

 
(276
)
 
(417
)
 
125

 
233

 
(151
)
 
(181
)
Amortization of losses (gains) from earlier periods
2,485

 
3,106

 
(85
)
 
(157
)
 
(15
)
 
166

 
2,385

 
3,115

Net periodic cost (benefit)
$
3,824

 
$
3,528

 
$
107

 
$
(184
)
 
$
627

 
$
1,000

 
$
4,558

 
$
4,344

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
Defined Benefit 
Pension Plan
 
Post-Retirement 
Medical Plan
 
Supplemental Executive
Retirement Plan
 
Total
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Components of net periodic cost (benefit):
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
Service cost
$
2,670

 
$
3,017

 
$
586

 
$
528

 
$
146

 
$
141

 
$
3,402

 
$
3,686

Interest cost
12,564

 
11,994

 
350

 
253

 
888

 
1,061

 
13,802

 
13,308

Expected return on plan assets
(12,556
)
 
(14,174
)
 
—

 
—

 
—

 
—

 
(12,556
)
 
(14,174
)
Amortization of unrecognized prior service costs (benefits)
—

 
7

 
(552
)
 
(835
)
 
250

 
466

 
(302
)
 
(362
)
Amortization of losses (gains) from earlier periods
4,970

 
6,212

 
(170
)
 
(315
)
 
(30
)
 
332

 
4,770

 
6,229

Net periodic cost (benefit)
$
7,648

 
$
7,056

 
$
214

 
$
(369
)
 
$
1,254

 
$
2,000

 
$
9,116

 
$
8,687



On January 1, 2015, the Company acquired the retirement business of Putnam, an affiliate of the Company. See Note 2 for additional discussion regarding the acquisition. Per the terms of the Asset Transfer Agreement, the Company was required to give each Putnam employee full credit for the employee’s service period with Putnam prior to the closing date for the purpose of eligibility to participate, vesting and level of benefits under the Post-Retirement Medical Plan.  As a result, approximately 150 individuals became eligible participants of the Post-Retirement Medical Plan at January 1, 2015.  The transaction was recorded as a prior service cost, which resulted in a $339 increase before tax to other liabilities and expenses and a decrease to accumulated other comprehensive income.

The Company expects to make payments of approximately $781 with respect to its Post-Retirement Medical Plan and $3,336 with respect to its Supplemental Executive Retirement Plan during the year ended December 31, 2016.  The Company expects to make contributions of zero to its Defined Benefit Pension Plan during the year ended December 31, 2016.  A December 31 measurement date is used for the employee benefit plans.
 
The following table summarizes contributions to the Defined Benefit Pension Plan and payments made to the Post-Retirement Medical Plan and the Supplemental Executive Retirement Plan:
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2016
 
2015
 
2016
 
2015
Payments to the Post-Retirement Medical Plan
 
187

 
391

 
391

 
524

Payments to the Supplemental Executive Retirement Plan
 
834

 
830

 
1,668

 
3,165