Contractual Pension and Postretirement Benefits

9 Months Ended

Sep. 30, 2012

Contractual Pension and Postretirement Benefits [Abstract]

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

11. 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. 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 Pension			Contractual Postretirement		Contractual Postretirement
	Benefit		Benefit			Benefits		Benefits
	Three Months Ended		Nine Months Ended			Three Months Ended		Nine Months Ended
	September 30,		September 30,			September 30,		September 30,
	2011		2011			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	)