Pension And Postretirement Benefit Costs

6 Months Ended

Jun. 30, 2011

Pension And Postretirement Benefit Costs

Pension And Postretirement Benefit Costs

7. The following table presents the components of net periodic pension and postretirement benefit costs allocated to Cost of Sales and Selling, General and Administrative expenses for the six months ended June 30, 2011 and 2010:  

	Pension Benefits				Other Benefits
	2011		2010		2011			2010
Service cost	$	375,834	$	334,490	$	307,132		$	272,785
Interest cost		1,010,353		1,031,658		872,456			934,243
Less: Expected return on plan assets		968,550		862,668		-			-
Amortization of prior service cost		54,989		54,989		(25,376	)		-
Recognized net actuarial loss		456,494		434,327		-			-
Unrecognized net loss		-		-		340,437			360,454
Net periodic expense	$	929,120	$	992,796	$	1,494,649		$	1,567,482

The following table presents the components of net periodic pension and postretirement benefit costs allocated to Cost of Sales and Selling, General and Administrative expenses for the three months ended June 30, 2011 and 2010:

	Pension Benefits				Other Benefits
	2011		2010		2011			2010
Service cost	$	187,917	$	167,245	$	144,716		$	136,392
Interest cost		505,176		515,829		411,088			467,122
Less: Expected return on plan assets		484,275		431,334		-			-
Amortization of prior service cost		27,495		27,495		(11,957	)		-
Recognized net actuarial loss		228,247		217,163		-			-
Unrecognized net loss		-		-		160,409			180,227
Net periodic expense	$	464,560	$	496,398	$	704,256		$	783,741

As previously disclosed in our financial statements for the year ended December 31, 2010, Monarch expects to contribute approximately $3,120,000 to the pension fund in 2011. As of June 30, 2011, we have contributed approximately $503,000 and anticipate contributing an additional $2,617,000 to this plan in 2011 for a total of $3,120,000.

The other benefits consist of postretirement benefits that are self-insured by Monarch and are paid out of Monarch's general assets.  As previously disclosed in our financial statements for the year ended December 31, 2010, Monarch expects expenditures of approximately $1,775,000 for this plan in 2011. As of June 30, 2011, we have contributed approximately $720,000 and anticipate contributing an additional $1,055,000 on this plan in 2011 for a total of $1,775,000.