Note 3 – PENSION PLAN

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



	Three Months Ended June 30				Six Months Ended June 30
	2014		2013		2014		2013
Service cost	$	77,584	$	81,423	$	155,168	$	162,846
Interest cost		90,640		76,968		181,280		153,936
Expected return on assets		(56,453)		(134,481)		(112,907)		(268,962)
Amortization of net loss		-		165,884		-		331,768
Amortization of prior service cost		4,367		4,368		8,734		8,735
Net periodic pension cost	$	116,138	$	194,162	$	232,275	$	388,323

The plan’s annual actuarial valuation was performed as of the plan’s fiscal year end, March 31. The actuarial recommended contribution to the pension plan for the year 2014 is $1,679,091, which contribution is scheduled to be made in August 2014.