SUPPLEMENTAL RETIREMENT PLAN

EXHIBIT 10.11

EMPLOYERS MUTUAL CASUALTY COMPANY

SUPPLEMENTAL RETIREMENT PLAN

Restated Effective January 1, 2005

(Originally effective October 1, 2004)

TABLE OF CONTENTS

EMPLOYERS MUTUAL CASUALTY COMPANY

SUPPLEMENTAL RETIREMENT PLAN

ARTICLE I. ESTABLISHMENT OF PLAN

          Effective October 1, 2004, Employers Mutual Casualty Company (“Company”) established the Employers Mutual Casualty Company Supplemental Retirement Plan (“Plan”). Based on final regulations issued pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (“Code”), the Plan is being restated effective as of January 1, 2005.

          The Plan is an unfunded, nonqualified retirement plan maintained primarily for the purpose of providing additional deferred compensation for a select group of management and highly compensated employees, as described in sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974 (“ERISA”). The Plan is not intended to be a tax-qualified retirement plan under the Code. The Plan will enable select employees to receive retirement benefits without regard to the limit on compensation imposed on the Qualified Retirement Plan by section 401(a)(17) of the Code and to recognize certain other compensation in the determination of retirement benefits hereunder.

ARTICLE II. DEFINITIONS

          2.1        “Accrued Benefit” shall mean, with respect to each Participant, the retirement benefit provided under Article IV.

          2.2        “Active Participant” shall mean, with respect to any day or date, a Participant who is in Service on such day or date; provided, that a Participant who is in Service shall cease to be an Active Participant immediately upon a determination by the Committee that the Participant has ceased to be an Employee.

          2.3        “Committee” shall mean the Employers Mutual Casualty Company Employee Benefits Committee, or such other committee as the Board of Directors of the Company appoints as provided for in Section 8.

          2.4        “Company” shall mean Employers Mutual Casualty Company and any participating Company which adopts this Plan.

          2.5        “Compensation” shall mean compensation for the applicable Plan Year as defined in the Employers Mutual Casualty Retirement Plan (“Qualified Retirement Plan”), a defined benefit plan qualified under Section 401(a) of the Code. “Total Compensation” shall mean Compensation as defined above for the applicable Plan Year, adjusted as follows:

          2.6        “Disability” shall have the meaning as set forth in the definition of ‘Disabled’ as contained in Section 409A of the Code, and guidance and regulations issued thereunder. The determination of the existence or nonexistence of Disability shall be made by the Committee in a nondiscriminatory manner.

          2.7        The original “Effective Date” shall be October 1, 2004. The restated “Effective Date” is January 1, 2005.

          2.8        “Employee” shall mean an individual in the Service of the Company if the relationship between the individual and the Company is the legal relationship of employee and employer and if the individual is a highly compensated or management employee of the Employer. An individual shall cease to be an Employee upon the first to occur of the following: (i) the Employee's separation from Service; or (ii) a determination by the Committee that the Employee no longer meets the eligibility requirements for participation in the Plan.

          2.9        “Participant” shall mean, with respect to any Plan Year, an Employee who meets the eligibility requirements of Article III and who has an Accrued Benefit under the Plan. A Participant who separates from Service with the Company and who later returns to Service will not be eligible under the Plan except upon satisfaction of such terms and conditions as the Committee shall establish upon the Participant's return to Service, whether or not the Participant shall have an Accrued Benefit remaining under the Plan on the date of his return to Service.

          2.10      “Participating Company” shall mean any trade or business (whether or not incorporated) which adopts this Plan with the consent of the Company.

          2.11      “Plan” shall mean the Employers Mutual Casualty Company Supplemental Retirement Plan, as herein set out or as duly amended.

          2.12      “Plan Administrator” shall mean the Committee (or Company if no Committee exists) unless the Board of Directors of the Company appoints a person or different committee to serve as Plan Administrator.

          2.14      “Qualified Retirement Plan” shall mean the Employers Mutual Casualty Company Retirement Plan, as amended from time to time, a pension plan adopted by the Company which is qualified under Section 401(a) of the Code, or any successor defined benefit plan that replaces such plan.

          2.15      “Qualifying Distribution Event” shall mean the Participant's Retirement or the termination of Participant's Service with the Company for any reason, including as a result death or Disability.

          2.16      “Retire” or “Retirement” shall mean Retirement within the meaning of the Qualified Retirement Plan and commencement of payment of benefits under such plan.

          2.18      “Spouse” or “Surviving Spouse” shall mean, except as otherwise provided in the Plan, the legally married spouse or surviving spouse of a Participant.

          2.20      “Trustee” shall mean the trustee, if any, named in the agreement establishing the Trust and such successor or additional trustee as may be named pursuant to the terms of the agreement establishing the Trust.

ARTICLE III. ELIGIBILITY

          3.1        An Employee shall become a Participant in the Plan if he or she in any Plan Year has Total Compensation that exceeds Compensation and Compensation for such Plan Year is used in calculating a Participant's accrued benefit under the Qualified Retirement Plan.

          3.2        The following Employees who have individually entered into an Excess Retirement Benefit Agreement with the Company shall automatically become Participants as of the original Effective Date: Bruce G. Kelley, Roger L. Ford, Raymond L. Geary, Jr., William A. Murray, Ronald W. Jean, Raymond W. Davis and David O. Narigon. Such individual agreements shall terminate as of the original Effective Date and all liabilities of the Company with respect to such individual agreements shall be governed by this Plan; provided, however, that the Accrued Benefit of each such Participant under this Plan as of the Effective Date shall at least be equal to the Benefit the Participant would have received under his or her individual agreement if he or she had terminated employment as of the Effective Date.

ARTICLE IV. PLAN BENEFITS

          4.1        Upon a Participant's separation from Service for any reason, whether by Retirement, Disability, death or other termination of employment, or as defined in applicable guidance under Section 409A of the Code, the Participant (or his or her Beneficiary) shall be entitled to an Accrued Benefit under this Plan equal to the difference between (A) the benefit the Participant (or his or her Beneficiary) would have been entitled to receive under the Qualified Retirement Plan, using the definition of Total Compensation for all applicable Plan Years in calculating such benefit, and (B) the actual benefit the Participant (or his or her Beneficiary) is entitled to receive under the Qualified Retirement Plan, using the definition of Compensation for all applicable Plan Years.

          4.2        Applicable Plan Years shall include all Plan Years beginning with the Participant's first Plan Year of eligibility in the Qualified Retirement Plan(even if prior to 2004). The Accrued Benefit as of the relevant date shall be expressed in the same manner as the normal form of benefit under the Qualified Retirement Plan if the Participant's benefit is based upon the defined benefit formula prior to the introduction of cash balance feature in the Qualified Retirement Plan (i.e., life annuity) or expressed as a lump sum amount if the Participant's benefit under the Qualified Retirement is expressed as a cash balance account lump sum amount (prior to conversion to an annuity form).

ARTICLE V. MANNER AND TIMING OF PAYMENT OF BENEFITS

          5.1        The benefit payable to a Participant shall be payable to him/her (or his or her beneficiary) as a lump sum benefit if the present value of the Accrued Benefit under Section 4.1 (as of the date of separation from Service) is less than $50,000, using the actuarial assumptions set forth in the definition of Actuarial Equivalent in the Qualified Retirement Plan.

5.2       The benefit payable to a Participant shall be payable to him/her (or his or her beneficiary) in equal annual installments if the present value of the Accrued Benefit under Section 4.1 (as of the date of separation from Service) is equal to or greater than $50,000, using the actuarial assumptions set forth in the definition of Actuarial Equivalent in the Qualified Retirement Plan. The period of time during which equal annual payments will be made shall be based on the following schedule:

          5.3        Any lump sum payment shall be made on or shortly after January 2 in the year following the year of termination of employment (with interest from date of termination to date of payment at the interest rate in the definition of Actuarial Equivalent in the Qualified Retirement Plan). If periodic payments is the method of payment, the first annual payment shall be made on or shortly after January 2 in the year following termination of employment and each subsequent annual payment shall be made on or shortly after January 2 in each subsequent year. The actuarial equivalency of the periodic payments compared to the present value of the Accrued Benefit shall be calculated as of the date of the first scheduled annual payment.

          5.4        The amounts set forth in Sections 5.1 and 5.2 shall be increased (decreased) as of the first day of each Plan Year by the percentage increase (decrease) in the Consumer Price Index – All Urban Consumers (Current Series) during the prior Plan Year (January 1, 2005 being the base benchmark such that the first adjustment will be made as of January 1, 2006 for terminations in the 2006 Plan Year).

          5.5        Notwithstanding the timing of payments as set forth above, any payment due a Participant may not be distributed to a Specified Employee, based on separation from Service, earlier than 6 months following separation from Service (or if earlier, upon the Specified Employee’s death). If a payment is to be delayed as a result of this provision, the delayed payment shall be made as soon as administratively feasible on or following the first day of the month immediately following the date that is 6 months following date of separation from Service. The delayed payment shall include interest from the date the payment was originally scheduled to have been made to the date of actual payment, the annual interest rate being the interest rate in the actuarial assumptions used to calculate the Actuarial Equivalent present value of the total lump sum benefit under Section 5.1 above. “Specified Employee” means a Participant described in Section 416(i) of the Code, disregarding paragraph (5) thereof. However, a Participant is not a Specified Employee unless any stock of the Company (or of a member of the same group of controlled entities as Employer) is publicly traded on an established securities market or otherwise.

ARTICLE VI. HARDSHIP

          An accelerated distribution may be made on account of financial hardship to a Participant who is in pay status, subject to the following provisions:

          6.1        A Participant may, at any time prior to commencement of the first annual payment (but after separation from Service) or prior to the completion of distribution of all periodic payments make application to the Committee to receive a distribution in a lump sum of all or a portion of the remaining annual installments because of an Unforeseeable Emergency that results in severe financial hardship to the Participant. A distribution because of an Unforeseeable Emergency shall not exceed the amount required to meet the immediate financial need created by the Unforeseeable Emergency (taking into account the taxes to be paid on the distribution) and which is not otherwise reasonably available from other resources of the Participant. An Unforeseeable Emergency shall mean a financial need arising on account of a sudden or unexpected illness or accident o