Self-Funded Health Insurance Plan

12 Months Ended

Dec. 31, 2013

Self-Funded Health Insurance Plan

Self-Funded Health Insurance Plan

NOTE 16 Self-Funded Health Insurance Plan

PSB has established an employee medical benefit plan to self-insure claims up to $65 per year for each individual with no stop-loss per year for participants in the aggregate. PSB and its covered employees contribute to the fund to pay the claims and stop-loss premiums. Medical benefit plan costs are expensed as incurred. The liability recognized for claims incurred but not yet paid was $77 and $84 as of December 31, 2013 and 2012, respectively. Health and dental insurance expense recorded in 2013, 2012, and 2011, was $1,130, $1,078, and $852, respectively.