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Pension Plan

6 Months Ended

Jun. 30, 2013

Note 3 – PENSION PLAN

A summary of the components of net periodic pension cost is as follows:



	Three Months Ended June 30				Six Months Ended June 30
	2013		2012		2013		2012
Service cost	$	81,423	$	76,700	$	162,846	$	153,400
Interest cost		76,968		80,550		153,936		161,099
Expected return on assets		(134,481)		(112,118)		(268,962)		(224,235)
Amortization of net loss		165,884		123,097		331,768		246,195
Amortization of prior service cost		4,368		4,368		8,735		8,735
Net periodic pension cost	$	194,162	$	172,597	$	388,323	$	345,194

The plan’s annual actuarial valuation was performed as of the plan’s fiscal year-end March 31. The actuarially recommended contribution to the pension plan for the year 2013 is $1,315,301, which contribution is scheduled to be made in August 2013.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

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