Employee Benefit Plans

6 Months Ended

Jun. 30, 2011

Employee Benefit Plans

Employee Benefit Plans

Note 8: Employee Benefit Plans

The Company has a non-contributory, defined benefit pension plan for all full-time employees over 21 years of age. Under this cash balance plan, the account balance for each participant will grow each year with annual pay credits based on age and years of service and monthly interest credits based on an amount established each year by the Company's Board of Directors. The Company funds pension costs in accordance with the funding provisions of the Employee Retirement Income Security Act.

The Company sponsors a postretirement benefit plan covering current and future retirees who acquire age 55 and 10 years of service or age 65 and 5 years of service. The post-retirement benefit plan provides coverage toward a retiree's eligible medical and life insurance benefits expenses.

Components of Net Periodic Benefit Cost

(Unaudited)

	Pension Benefits						Post Retirement Benefits
Six months ended June 30,	2011			2010			2011		2010
Service cost	$	137,474		$	124,073		$	11,141	$	10,321
Interest cost		103,988			97,601			15,886		15,678
Expected return on plan assets		(176,574	)		(161,201	)		—		—
Amortization of unrecognized prior service cost		(26,982	)		(26,981	)		—		—
Amortization of unrecognized net loss		21,210			21,466			84		—
Amortization of transition obligation		—			—			1,456		1,457
Net periodic benefit cost	$	59,116		$	54,958		$	28,567	$	27,456

The Company expects to make no contribution to its pension plan and $22,571 to its post-retirement benefit plan in 2011. The Company has contributed $6,781 toward the post-retirement plan during the first six months of 2011.