Note 3 - Periodic Pension Expense

3 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE 3

– Periodic Pension Expense:

The following table presents the net periodic pension expense under our plans for the three month periods

ended March 31:

	2015			2014
Service cost - benefits earned during the period	$	26,000		$	20,000
Interest cost on projected benefit obligation		238,000			250,000
Expected return on plan assets		(336,000	)		(348,000	)
Recognized actuarial loss		199,000			81,000
Net periodic pension cost	$	127,000		$	3,000

Effective June 30, 2013, the Company no longer accrues additional benefits for future service or for future increases in compensation levels for the Company’s primary defined benefit pension plan.