Note 3 - Periodic Pension Expense

3 Months Ended

Mar. 31, 2017

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 the Company's plans for the

three

-

month periods ended

March

31:

	2017			2016
Service cost - benefits earned during the period	$	16,000		$	14,000
Interest cost on projected benefit obligation		241,000			247,000
Expected return on plan assets		(304,000	)		(297,000	)
Recognized actuarial loss		277,000			266,000
Settlement loss		-			255,000
Net periodic pension cost	$	230,000		$	485,000

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.