Pension And Other Postretirement Benefits

9 Months Ended

Sep. 30, 2013

Pension And Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits

NOTE 8: 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 nine months ended September 30, 2013 and 2012:

	Pension Benefits				Other Benefits
	2013		2012		2013		2012
Service cost	$	652,586	$	599,157	$	585,169	$	525,497
Interest cost		1,453,067		1,482,084		1,206,175		1,303,031
Less: Expected return on plan assets		1,762,088		1,560,578		0		0
Amortization of prior service cost		74,796		81,557		(38,064)		(38,444)
Recognized net actuarial loss		1,000,226		925,766		0		0
Unrecognized net loss		0		0		496,124		583,463
Net periodic expense	$	1,418,587	$	1,527,986	$	2,249,404	$	2,373,547

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 September 30, 2013 and 2012:

	Pension Benefits				Other Benefits
	2013		2012		2013		2012
Service cost	$	217,528	$	199,719	$	195,056	$	173,433
Interest cost		484,355		494,028		402,058		430,047
Less: Expected return on plan assets		587,362		520,193		0		0
Amortization of prior service cost		24,932		27,186		(12,688)		(12,688)
Recognized net actuarial loss		333,409		308,589		0		0
Unrecognized net loss		0		0		165,375		192,563
Net periodic expense	$	472,862	$	509,329	$	749,801	$	783,355

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 September 30, 2013, we have contributed approximately $1,129,000 to the fund and anticipate contributing approximately an additional $1,341,000 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 September 30, 2013, we have contributed approximately $837,000and anticipate contributing an additional $793,000to this plan in 2013 for a total of $1,630,000.