Pension And Other Postretirement Benefits

6 Months Ended

Jun. 30, 2013

Pension And Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits

NOTE 9: PENSION AND OTHER POSTRETIREMENT BENEFITS

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, 2013 and 2012:

	Pension Benefits				Other Benefits
	2013		2012		2013		2012
Service cost	$	435,058	$	399,438	$	390,113	$	352,064
Interest cost		968,712		988,056		804,117		872,984
Less: Expected return on plan assets		1,174,726		1,040,385		0		0
Amortization of prior service cost		49,864		54,371		(25,376)		(25,756)
Recognized net actuarial loss		666,817		617,177		0		0
Unrecognized net loss		0		0		330,749		390,900
Net periodic expense	$	945,725	$	1,018,657	$	1,499,603	$	1,590,192

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, 2013 and 2012:

	Pension Benefits				Other Benefits
	2013		2012		2013		2012
Service cost	$	217,529	$	199,652	$	185,154	$	185,732
Interest cost		484,356		493,862		381,647		460,544
Less: Expected return on plan assets		587,363		520,018		0		0
Amortization of prior service cost		24,932		27,176		(12,044)		(13,588)
Recognized net actuarial loss		333,409		308,485		0		0
Unrecognized net loss		0		0		156,978		206,219
Net periodic expense	$	472,863	$	509,157	$	711,735	$	838,907

As previously disclosed in our financial statements for the year ended December 31, 2012, Monarch expects to contribute approximately $2,470,000to the pension fund in 2013. As of June 30, 2013, we have contributed approximately $564,000 to the fund and anticipate contributing approximately an additional $1,906,000 in this plan in 2013 for a total of $2,470,000.

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, 2012, Monarch expects expenditures of approximately $1,630,000for this plan in 2013. As of June 30, 2013, we have contributed approximately $509,000and anticipate contributing an additional $1,121,000to this plan in 2013 for a total of $1,630,000.