Contractual Pension and Postretirement Benefits

3 Months Ended

Mar. 31, 2012

Contractual Pension and Postretirement Benefits [Abstract]

Contractual Pension And Postretirement Benefits Excluding Defined Benefit Plan Disclosure [Text Block]

10. Contractual Pension and Postretirement Benefits

Presidential had employment contracts with several active and retired officers and employees. These contracts provided for annual pension benefits and other postretirement benefits such as health care benefits. The contractual benefit plans were not funded. The pension benefits generally provided for annual payments in specified amounts for each participant for life, commencing three years after retirement, with an annual adjustment for an increase in the consumer price index. The Company accrued on an actuarial basis the estimated costs of these benefits during the years the employee provided services. As of December 31, 2010, only one active officer had contractual retirement benefits accruing for unfunded pension benefits. All retired officers who had been receiving contractual pension benefits are deceased. At December 31, 2010, the employment of two officers of the Company was terminated and pursuant to their employment contract amendments, they will not receive any benefits from these plans. Periodic benefit costs are reflected in general and administrative expenses. The Company used a December 31 measurement date for the contractual benefit plans. The plan was terminated during 2011 and no future obligation existed at December 31, 2011.

The following tables summarize the actuarial costs of the contractual pension and postretirement benefits:

	Contractual Pension			Contractual Postretirement
	Benefit			Benefits
	Three Months Ended			Three Months Ended
	March 31,			March 31,
	2011			2011
Components of net periodic benefit cost:
Amortization of prior service cost	$	-		$	4,591
Amortization of actuarial gain		(40,650	)		(412,677	)
Net periodic benefit income	$	(40,650	)	$	(408,086	)