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Pension Plan (Tables)
12 Months Ended
Dec. 31, 2015
Compensation And Retirement Disclosure [Abstract]  
Summary of Components of Net Periodic Pension Cost (Benefit)

Following are the components of the Net Period Pension Cost (Benefit):

 

 

 

December 31,

 

 

 

2015

 

 

2014

 

 

2013

 

Service Cost

 

$

 

 

$

87,219

 

 

$

87,496

 

Interest Cost

 

 

 

 

 

425,735

 

 

 

385,884

 

Actual Return on Plan Assets

 

 

 

 

 

342,637

 

 

 

(1,310,053

)

Amortization of Unrecognized Transition Loss (Gain) from

   Earlier Periods

 

 

 

 

 

 

 

 

91,111

 

Amortization of Unrecognized Prior Service Cost

 

 

 

 

 

 

 

 

 

Amortization of Net Gain (Loss) from Earlier Periods

 

 

 

 

 

 

 

 

736,025

 

Net Periodic Pension Cost (Benefit)

 

$

 

 

$

855,591

 

 

$

(9,537

)

 

Schedule of Changes in Projected Benefit Obligations

The change in projected benefit obligation is as follows:

 

 

 

December 31,

 

 

 

2015

 

 

2014

 

Benefit Obligation at Beginning of Year

 

$

 

 

$

8,852,262

 

Service Cost

 

 

 

 

 

87,219

 

Interest Cost

 

 

 

 

 

425,735

 

Actuarial Loss (Gain)

 

 

 

 

 

(27,160

)

Plan Expenses Paid

 

 

 

 

 

(108,997

)

Benefits Paid

 

 

 

 

 

(541,896

)

Effect of Termination Settlement

 

 

 

 

 

(8,687,163

)

Benefit Obligation at End of Year

 

$

 

 

$

 

 

Schedule of Changes in Fair Value of Plan Assets

 

The change in plan assets is as follows:

 

 

 

December 31,

 

 

 

2015

 

 

2014

 

Fair Value of Plan Assets at Beginning of Year

 

$

 

 

$

9,259,932

 

Actual Return on Plan Assets

 

 

 

 

 

342,637

 

Employer Contribution

 

 

 

 

 

43,254

 

Plan Expenses Paid

 

 

 

 

 

(108,997

)

Benefits Paid

 

 

 

 

 

(541,896

)

Termination Settlement

 

 

 

 

 

(8,994,930

)

Fair Value of Plan Assets at End of Year

 

$

 

 

$

 

 

Schedule of Funded Status of the Pension Obligation

NOTE 15.

PENSION PLAN (continued)

The funded status of the pension obligation consisted of the following:

 

 

 

December 31,

 

 

 

2015

 

 

2014

 

Estimated Pension Benefit Obligation

 

 

 

 

 

 

 

 

Projected Benefit Obligation

 

$

 

 

$

 

Fair Value of Plan Assets

 

 

 

 

 

 

Accrued Net Pension Asset

 

$

 

 

$

 

 

Schedule of Projected Benefit Obligation and Fair Value of Plan Assets

The actuarial assumptions made to determine the projected benefit obligation and the fair value of plan assets are as follows:

 

 

 

December 31,

 

 

2015

 

2014

Weighted Average Discount Rate

 

N/A

 

N/A

Weighted Average Asset Rate of Return

 

N/A

 

N/A

Compensation Scale

 

N/A

 

N/A

 

Schedule of Disbursements from Plan Assets

During the measurement period, disbursements from Pension Plan assets were as follows:

 

 

 

December 31,

 

 

 

2015

 

 

2014

 

Benefit Payments

 

$

 

 

$

541,896

 

Administrative Expenses

 

 

 

 

 

108,997

 

Termination Settlement

 

 

 

 

 

8,994,930

 

Total

 

$

 

 

$

9,645,823