Employee Benefits

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Employee Benefits

EMPLOYEE BENEFITS

Net Periodic Benefit Cost

The components of the net periodic benefit cost for our pension and postretirement benefit plans are as follows:

	Pension Plan				Postretirement Benefit Plan
Three Months Ended September 30,	2021		2020		2021		2020
Net periodic benefit cost
Service cost	$	3,020	$	2,707	$	—	$	432
Interest cost	1,728		2,066		1		253
Expected return on plan assets	(4,202)		(3,385)		—		—
Amortization of prior service credit	(809)		—		(3,765)		(2,021)
Amortization of net loss	999		979		705		94
Special event plan closure	—		—		—		—
Net periodic benefit cost	$	736	$	2,367	$	(3,059)	$	(1,242)

	Pension Plan				Postretirement Benefit Plan
Nine Months Ended September 30,	2021		2020		2021		2020
Net periodic benefit cost
Service cost	$	9,060	$	8,122	$	148	$	1,296
Interest cost	5,184		6,199		71		760
Expected return on plan assets	(12,606)		(10,154)		—		—
Amortization of prior service credit	(2,427)		—		(10,725)		(6,063)
Amortization of net loss	2,997		2,936		1,902		282
Special event plan closure	—		—		(20,177)		—
Net periodic benefit cost	$	2,208	$	7,103	$	(28,781)	$	(3,725)

A portion of the service cost component of net periodic pension and postretirement benefit costs is capitalized and amortized as part of deferred acquisition costs and is included in the line "Amortization of deferred policy acquisition costs" in the Consolidated Statements of Income and Comprehensive Income. The portion not related to the compensation and the other components of net periodic pension and postretirement benefit costs is included in the income statement line titled "other underwriting expenses."

In January 2021, the Company decided to change the post-retirement benefit plan to a voluntary plan funded exclusively by participants, commencing at the start of 2023. The impact of this decision is reflected in the table above, with a one-time adjustment presented in the line "Special event plan closure" and an additional adjustment in the line "Amortization of prior service credit" recorded in first quarter of 2021. There will be continuing amortization of prior service credits through the end of 2022 related to these plan changes.

Employer Contributions

We previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020 that we originally planned to contribute $10,000 to the pension plan in 2021. The Company has revised the expected contributions to $5,000 in 2021 because of the funded status of the plan. For the nine-month period ended September 30, 2021, we contributed $5,000 to the pension plan, completing our expected contributions for the year.