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Pension Plan (Tables)
12 Months Ended
Dec. 31, 2014
Pension Plan [Abstract]  
Summary Of Net Periodic Pension Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Periodic Pension Cost

 

2014

 

2013

 

2012

Service cost

 

$

310,335 

 

$

325,693 

 

$

306,799 

Interest cost

 

 

362,561 

 

 

307,871 

 

 

322,198 

Expected return on assets

 

 

(225,814)

 

 

(537,923)

 

 

(448,470)

Amortization of net loss

 

 

 -

 

 

663,536 

 

 

492,391 

Amortization of prior service cost

 

 

17,467 

 

 

17,469 

 

 

17,469 

Net periodic pension cost

 

 

464,549 

 

 

776,646 

 

 

690,387 

 

 

 

 

 

 

 

 

 

 

Other Changes in Plan Assets and Benefit Obligations
     Recognized in Other Comprehensive Income

 

 

 

 

 

 

 

 

 

Net loss (gain) arising during the period

 

 

2,797,734 

 

 

(879,193)

 

 

488,972 

Amortization of net loss included in net periodic pension cost

 

 

 -

 

 

(663,536)

 

 

(492,391)

Amortization of prior service cost included in net periodic
     pension cost

 

 

(17,467)

 

 

(17,469)

 

 

(17,469)

Total loss (gain) recognized in other comprehensive income

 

 

2,780,267 

 

 

(1,560,198)

 

 

(20,888)

Total recognized in net periodic pension cost
     and other comprehensive income

 

$

3,244,816 

 

$

(783,552)

 

$

669,499 

 

Weighted-Average Assumptions Used In The Measurement Of The Benefit Obligation And Net Periodic Pension Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

Discount rate for benefit obligation

3.50 

%

 

4.25 

%

Discount rate for net periodic pension cost

4.25 

%

 

3.50 

%

Rate of compensation increase

3.50 

%

 

3.50 

%

Expected long-term return on plan assets

2.80 

%

 

2.30 

%

 

Change In Projected Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

Projected benefit obligation at beginning of year

$

8,678,194 

 

$

8,942,161 

Service cost

 

310,335 

 

 

325,693 

Interest cost

 

362,561 

 

 

307,871 

Actuarial loss (gain)

 

2,910,925 

 

 

(624,138)

Benefit payments

 

(274,527)

 

 

(273,393)

Projected benefit obligation at end of year

$

11,987,488 

 

$

8,678,194 

 

Change In Fair Value Of Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

Fair value of plan assets at beginning of year

$

9,265,353 

 

$

7,430,467 

Contributions by the Trust

 

1,679,091 

 

 

1,315,301 

Actual return on plan assets

 

339,005 

 

 

792,978 

Benefit payments

 

(274,527)

 

 

(273,393)

Fair value of plan assets at end of year

$

11,008,922 

 

$

9,265,353 

 

Plan's Funded Status And Amounts Recognized In Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

Accumulated benefit obligation at end of year

$

9,684,899 

 

$

6,737,531 

Effect of future compensation increases and scheduled benefit adjustment

 

2,302,589 

 

 

1,940,663 

Projected benefit obligation at end of year

 

11,987,488 

 

 

8,678,194 

Fair value of plan assets at end of year

 

11,008,922 

 

 

9,265,353 

Funded (unfunded) status at end of year

$

(978,566)

 

$

587,159 

 

Amounts Recognized In Accumulated Other Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

Net loss

$

3,642,178 

 

$

844,444 

Prior service cost

 

 -

 

 

17,467 

Accumulated other comprehensive loss

$

3,642,178 

 

$

861,911 

 

Plan's Estimated Future Benefit Payments

 

 

 

 

 

 

 

 

Period

 

Amount

2015

 

$

668,589 

2016

 

 

850,240 

2017

 

 

831,922 

2018

 

 

810,249 

2019

 

 

783,267 

2020 - 2024

 

 

3,555,152 

 

Plan's Weighted-Average Asset Allocations By Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

Fair Value

 

%

 

Fair Value

 

%

Equity securities

$

2,272,943 

 

21 

%

 

$

3,441,055 

 

37 

%

Debt securities - corporate issues

 

8,267,454 

 

75 

 

 

 

4,817,000 

 

52 

 

Debt securities - U.S. government issues

 

334,175 

 

 

 

 

931,384 

 

10 

 

Cash (money market, accrued income)

 

134,350 

 

 

 

 

75,914 

 

 

Total

$

11,008,922 

 

100 

%

 

$

9,265,353 

 

100 

%