v2.4.0.8
Pension and Profit Sharing (Details Narrative) (USD $)
|
12 Months Ended |
|
|
|
Company contributions to plan |
|
$ 482,455 |
|
Expected plan contributions during 2014 |
200,000 |
|
|
Company shares included in plan |
|
10,000 |
10,000 |
Market value of Company shares included in plan |
|
149,000 |
110,400 |
Expected long-term rate of return on plan assets |
|
6.00% |
8.25% |
Net actuarial loss |
(115,000) |
(51,022) |
137,609 |
Prior service cost |
9,000 |
40,000 |
36,000 |
Company contributions to profit sharing plan |
|
50.00% |
50.00% |
Employee contributions to profit sharing plan |
|
6.00% |
6.00% |
Total profit sharing contribution expense |
|
$ 139,421 |
$ 99,105 |
Equity Securities
|
|
|
|
Pension plan target asset allocation |
|
70.00% |
|
Fixed Income Securities
|
|
|
|
Pension plan target asset allocation |
|
29.00% |
|
Cash Investments
|
|
|
|
Pension plan target asset allocation |
|
1.00% |
|
X |
- Definition
Amount of gain (loss) from a decision to temporarily deviate from the substantive plan, or from a change in benefit obligation or plan asset value from changes in actuarial assumptions, for example, but not limited to, interest, mortality, employee turnover or salary scale.
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- Definition
An assumption as to the rate of return on plan assets reflecting the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Glossary Expected Long-Term Rate of Return on Plan Assets
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- Definition
The employer's best estimate, as soon as it can be reasonably determined, of contributions expected to be paid to the plan during the next fiscal year beginning after the date of the latest statement of financial position. Estimated contributions may be presented in the aggregate combining (1) contributions required by funding regulations or laws, (2) discretionary contributions, and (3) noncash contributions.
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The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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Target allocation of investments of this type to total plan assets presented on a weighted average basis.
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The amount of the cost recognized during the period for defined contribution plans.
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Percentage of employees' gross pay for which the employer contributes a matching contribution to a defined contribution plan.
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Maximum percentage of employee gross pay, by the terms of the plan, that the employer may contribute to a defined contribution plan.
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The amount of cash or cash equivalents contributed by the entity to fund its pension plans.
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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