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Pension Plan (Tables)
12 Months Ended
Dec. 31, 2013
Pension Plan [Abstract]  
Summary Of Net Periodic Pension Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Periodic Pension Cost

 

2013

 

2012

 

2011

Service cost

 

$

325,693 

 

$

306,799 

 

$

279,647 

Interest cost

 

 

307,871 

 

 

322,198 

 

 

319,860 

Expected return on assets

 

 

(537,923)

 

 

(448,470)

 

 

(433,591)

Amortization of net loss

 

 

663,536 

 

 

492,391 

 

 

306,348 

Amortization of prior service cost

 

 

17,469 

 

 

17,469 

 

 

17,469 

Net periodic pension cost

 

 

776,646 

 

 

690,387 

 

 

489,733 

 

 

 

 

 

 

 

 

 

 

Other Changes in Plan Assets and Benefit Obligations
     Recognized in Other Comprehensive Income

 

 

 

 

 

 

 

 

 

Net (gain) loss arising during the period

 

 

(879,193)

 

 

488,972 

 

 

678,007 

Amortization of net loss included in net periodic pension cost

 

 

(663,536)

 

 

(492,391)

 

 

(306,348)

Amortization of prior service cost included in net periodic
     pension cost

 

 

(17,469)

 

 

(17,469)

 

 

(17,469)

Total (gain) loss recognized in other comprehensive income

 

 

(1,560,198)

 

 

(20,888)

 

 

354,190 

Total recognized in net periodic pension cost
     and other comprehensive income

 

$

(783,552)

 

$

669,499 

 

$

843,923 

 

Weighted-Average Assumptions Used In The Measurement Of The Benefit Obligation And Net Periodic Pension Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

Discount rate for benefit obligation

4.25 

%

 

3.50 

%

Discount rate for net periodic pension cost

3.50 

%

 

4.15 

%

Rate of compensation increase

3.50 

%

 

3.50 

%

Expected long-term return on plan assets

2.30 

%

 

7.00 

%

 

Change In Projected Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

Projected benefit obligation at beginning of year

$

8,942,161 

 

$

7,903,211 

Service cost

 

325,693 

 

 

306,799 

Interest cost

 

307,871 

 

 

322,198 

Actuarial (gain) loss

 

(624,138)

 

 

692,835 

Benefit payments

 

(273,393)

 

 

(282,882)

Projected benefit obligation at end of year

$

8,678,194 

 

$

8,942,161 

 

Change In Fair Value Of Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

Fair value of plan assets at beginning of year

$

7,430,467 

 

$

6,261,098 

Contributions by the Trust

 

1,315,301 

 

 

799,918 

Actual return on plan assets

 

792,978 

 

 

652,333 

Benefit payments

 

(273,393)

 

 

(282,882)

Fair value of plan assets at end of year

$

9,265,353 

 

$

7,430,467 

 

Plan's Funded Status And Amounts Recognized In Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

Accumulated benefit obligation at end of year

$

6,737,531 

 

$

6,830,628 

Effect of future compensation increases

 

1,940,663 

 

 

2,111,533 

Projected benefit obligation at end of year

 

8,678,194 

 

 

8,942,161 

Fair value of plan assets at end of year

 

9,265,353 

 

 

7,430,467 

Funded (unfunded) status at end of year

$

587,159 

 

$

(1,511,694)

 

Amounts Recognized In Accumulated Other Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

Net loss

$

844,444 

 

$

2,387,173 

Prior service cost

 

17,467 

 

 

34,936 

Accumulated other comprehensive loss

$

861,911 

 

$

2,422,109 

 

Plan's Estimated Future Benefit Payments

 

 

 

 

 

 

 

 

Period

 

Amount

2014

 

$

277,287 

2015

 

 

828,230 

2016

 

 

817,372 

2017

 

 

793,994 

2018

 

 

767,229 

2019 - 2023

 

 

3,390,247 

 

Plan's Weighted-Average Asset Allocations By Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

Fair Value

 

%

 

Fair Value

 

%

Equity securities

$

3,441,055 

 

37 

%

 

$

3,675,700 

 

49 

%

Debt securities - corporate issues

 

4,817,000 

 

52 

 

 

 

2,552,642 

 

34 

 

Debt securities - U.S. government issues

 

931,384 

 

10 

 

 

 

996,873 

 

14 

 

Cash (money market, accrued income)

 

75,914 

 

 

 

 

205,252 

 

 

Total

$

9,265,353 

 

100 

%

 

$

7,430,467 

 

100 

%