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Employee Benefit Plans
 9 Months Ended
Sep. 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 September 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
$
3,417

 
$
1,521

 
$
349

 
$
254

 
$
73

 
$
70

 
$
3,839

 
$
1,845

Interest cost
6,384

 
5,996

 
184

 
167

 
444

 
531

 
7,012

 
6,694

Expected return on plan assets
(6,237
)
 
(7,084
)
 
—

 
—

 
—

 
—

 
(6,237
)
 
(7,084
)
Amortization of unrecognized prior service costs (benefits)
—

 
3

 
(275
)
 
(395
)
 
125

 
233

 
(150
)
 
(159
)
Amortization of losses (gains) from earlier periods
2,726

 
3,086

 
(67
)
 
16

 
(15
)
 
166

 
2,644

 
3,268

Net periodic cost (benefit)
$
6,290

 
$
3,522

 
$
191

 
$
42

 
$
627

 
$
1,000

 
$
7,108

 
$
4,564

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 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
$
6,087

 
$
4,538

 
$
935

 
$
781

 
$
219

 
$
211

 
$
7,241

 
$
5,530

Interest cost
18,948

 
17,990

 
534

 
420

 
1,332

 
1,592

 
20,814

 
20,002

Expected return on plan assets
(18,793
)
 
(21,258
)
 
—

 
—

 
—

 
—

 
(18,793
)
 
(21,258
)
Amortization of unrecognized prior service costs (benefits)
—

 
10

 
(827
)
 
(1,230
)
 
375

 
700

 
(452
)
 
(520
)
Amortization of losses (gains) from earlier periods
7,695

 
9,298

 
(237
)
 
(298
)
 
(44
)
 
497

 
7,414

 
9,497

Net periodic cost (benefit)
$
13,937

 
$
10,578

 
$
405

 
$
(327
)
 
$
1,882

 
$
3,000

 
$
16,224

 
$
13,251



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 $803 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 September 30,
 
Nine Months Ended September 30,
 
 
2016
 
2015
 
2016
 
2015
Payments to the Post-Retirement Medical Plan
 
212

 
576

 
603

 
1,100

Payments to the Supplemental Executive Retirement Plan
 
834

 
830

 
2,502

 
3,995