EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2013

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

NOTE 6 — EMPLOYEE BENEFIT PLANS

The Cooperative sponsors a defined benefit pension plan for former employees of the Cooperative who met eligibility requirements of age and length of service.  The plan was frozen effective January 1, 2013 and no current employees of the Cooperative will participate in the plan in the future.  While the plan is frozen, the Cooperative will continue to fund the plan until it is fully funded.  Components of Net Periodic Benefit Cost for the six-months ended June 30, 2013 and June 30, 2012:

	June 30,			June 30,
	2013			2012
Service Cost	$	—		$	20
Interest Cost	21			17
Expected return on plan assets	(24		)	(16		)
Amortization of net (gain) loss	38			11
Net periodic pension cost	$	35		$	32

Through the six-months ended June 30, 2013, the Cooperative has made $93,000 in contributions as compared to $21,717 through the six-months ended June 30, 2012.  Even though the plan is frozen, the Cooperative anticipates contributing $48,000 in additional funds to its pension plan in 2013, for a total of $141,000.  Contributions in 2012 totaled $75,500.