Note 3 - Periodic Pension Expense

3 Months Ended

Mar. 31, 2016

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:

	2016			2015
Service cost - benefits earned during the period	$	14,000		$	26,000
Interest cost on projected benefit obligation		247,000			238,000
Expected return on plan assets		(297,000	)		(336,000	)
Recognized actuarial loss		266,000			199,000
Settlement loss		255,000			-
Net periodic pension cost	$	485,000		$	127,000

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.

Effective December 31, 2014, the Company no longer accrues additional benefits for future service for the Company’s hourly defined benefit plan.