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Stock Market & Financial Investment News

News Breaks
March 25, 2013
16:05 EDTSIGISelective Insurance sees $18M benefit from retirement income plan amendment
On March 22, the Salary and Employee Benefits Committee of the Board of Directors of SICA, the lead insurance subsidiary of Selective Insurance Group, Inc., authorized SICA’s management to amend: (i) the Retirement Income Plan to freeze all future accruals under the plan effective as of March 31, 2016; (ii) the SERP to cease all future benefit accruals under the SERP effective as of March 31, 2016; (iii) the 401(k) Plan to provide that, effective as of April 5, all eligible employees who have completed one year of eligibility service are eligible to receive the 4% non-safe harbor non-elective contribution under the 401(k) Plan; and (iv) the DCP to extend eligibility to receive certain nonelective company contributions under the DCP to participants who are active participants in the Retirement Income Plan, effective as of April 5, to the extent a participant is unable to receive all or a portion of their 4% nonelective contribution to the 401(k) Plan due to Internal Revenue Service limitations. The amendment to the Retirement Income Plan is expected to result in an after-tax benefit to stockholders’ equity of approximately $18M. The above changes will result in an immaterial impact to net income in the three year transition period ending March 31, 2016.
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