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Pension Plan
 3 Months Ended
Mar. 31, 2014
Pension Plan [Abstract]  
Pension Plan

Note 3 – PENSION PLAN

 

A summary of the components of net periodic pension cost is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31

 

 

 

 

 

 

2014

 

2013

 

Service cost

 

 

 

 

 

 

$
77,584 

 

$
81,423 

 

Interest cost

 

 

 

 

 

 

 
90,640 

 

 
76,968 

 

Expected return on assets

 

 

 

 

 

 

 
(56,454)

 

 
(134,481)

 

Amortization of net loss

 

 

 

 

 

 

 

 -

 

 
165,884 

 

Amortization of prior service cost

 

 

 

 

 

 

 
4,367 

 

 
4,367 

 

Net periodic pension cost

 

 

 

 

 

 

$
116,137 

 

$
194,161 

 

 

The Trust had previously disclosed in its Annual Report as of December 31, 2013, that the next contribution to the pension plan for the year 2014 is estimated to approximate $1,400,000,  subject to the plan’s annual actuarial valuation performed as of the plan’s fiscal year end, March 31.  No additional information is available at this time.