RE » Topics » 16. Retirement Benefits

This excerpt taken from the RE 10-Q filed May 9, 2007.

16. Retirement Benefits

The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees. In addition, the Company has a retiree health plan for eligible retired employees.

Net periodic benefit cost for U.S. employees included the following components for the three months ended March 31 as indicated:

                                                 Pension Benefits
                                                                                        Three Months Ended
                                                                                             March 31,
(Dollars in thousands)                                                                   2007         2006
                                                                                      ----------------------
Service cost                                                                           $ 1,225      $ 1,041
Interest cost                                                                            1,352        1,015
Expected return on plan assets                                                          (1,386)        (917)
Amortization of prior service cost                                                          32           32
Amortization of net loss                                                                   467          554
                                                                                      ----------------------
Net periodic benefit cost                                                              $ 1,690      $ 1,725
                                                                                      ----------------------

                                                  Other Benefits
                                                                                        Three Months Ended
                                                                                             March 31,
(Dollars in thousands)                                                                   2007         2006
                                                                                      ----------------------
Service cost                                                                           $   158      $   130
Interest cost                                                                              129          102
Amortization of net loss                                                                     -           13
                                                                                      ----------------------
Net periodic benefit cost                                                              $   287      $   245
                                                                                      ----------------------

The Company did not make any contributions to the pension benefit plans for the three months ended March 31, 2007 and 2006.

This excerpt taken from the RE 10-Q filed Nov 9, 2005.

15. Retirement Benefits

The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees. In addition, the Company has a retiree health plan for eligible retired employees.

The following tables present the net periodic costs for the benefit plans for the periods indicated:

Pension Benefits

Three Months Ended
September 30,
Nine Months Ended
September 30,
(Dollars in thousands) 2005 2004 2005 2004




Service cost     $ 968   $ 817   $ 2,905   $ 2,454  
Interest cost    1,008    850    3,027    2,548  
Expected return on plan assets    (916 )  (839 )  (2,750 )  (2,518 )
Amortization of prior service cost    32    32    96    96  
Amortization of net loss    480    339    1,442    1,018  




Net periodic benefit cost   $ 1,572   $ 1,199   $ 4,720   $ 3,598  






Other Benefits

Three Months Ended
September 30,
Nine Months Ended
September 30,
(Dollars in thousands) 2005 2004 2005 2004




Service cost     $ 123   $ 104   $ 368   $ 314  
Interest cost    102    90    306    272  
Amortization of net loss    7    4    22    13  




Net periodic benefit cost   $ 232   $ 198   $ 696   $ 599  




Based upon current asset levels in the plans, the Company is not required to make contributions. However, the Company made voluntary contributions to the qualified and non-qualified pension benefit plans of $0.0 million and $2.7 million for the three and nine months ended September 30, 2005, respectively. Voluntary contributions of $2.5 million were made for the three and nine months ended September 30, 2004.

20


EVEREST RE GROUP, LTD.
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Nine Months Ended September 30, 2005 and 2004

This excerpt taken from the RE 10-Q filed Aug 9, 2005.

15. Retirement Benefits

The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees. In addition, the Company has a retiree health plan for eligible retired employees.

The following tables present the net periodic costs for the benefit plans for the periods indicated:

Pension Benefits

Three Months Ended
June 30,
Six Months Ended
June 30,
(Dollars in thousands) 2005 2004 2005 2004




Service cost     $ 1,030   $ 819   $ 1,937   $ 1,637  
Interest cost    1,071    848    2,019    1,698  
Expected return on plan assets    (801 )  (839 )  (1,834 )  (1,679 )
Amortization of prior service cost    32    32    64    64  
Amortization of net loss    630    340    962    679  




Net periodic benefit cost   $ 1,962   $ 1,200   $ 3,148   $ 2,399  






Other Benefits

Three Months Ended
June 30,
Six Months Ended
June 30,
(Dollars in thousands) 2005 2004 2005 2004




Service cost     $ 128   $ 105   $ 245   $ 210  
Interest cost    102    91    204    182  
Amortization of net loss    8    5    15    9  




Net periodic benefit cost   $ 238   $ 201   $ 464   $ 401  




Based upon current asset levels in the plans, the Company is not required to make contributions. However, the Company made voluntary contributions to the non-qualified pension benefit plans of $2.7 million for the three and six months ended June 30, 2005. No voluntary contributions were made for the three and six months ended June 30, 2004.

This excerpt taken from the RE 10-Q filed May 4, 2005.

15. Retirement Benefits

The Company maintains both qualified and non-qualified defined benefit pension plans for its U.S. employees. In addition, the Company has a retiree health plan for eligible retired employees.

The following table presents the net periodic costs for the benefit plans for the three months ended March 31:

  Pension Benefits Other Benefits
(Dollars in thousands)
2005
2004 2005 2004




Service cost     $ 907   $ 818   $ 117   $ 105  
Interest cost    948    850    102    91  
Expected return on plan assets    (1,033 )  (840 )  -    -  
Amortization of prior service cost    32    32    -    -  
Amortization of net loss    332    339    7    4  




Net periodic benefit cost   $ 1,186   $ 1,199   $ 226   $ 200  




Based upon current asset levels in the plans, the Company is not required to make contributions. The Company did not make any voluntary contributions to the pension benefit plans for the periods ended March 31, 2005 and 2004.

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