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Pension Plan (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Compensation And Retirement Disclosure [Abstract] |
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| Summary of Components of Net Periodic Pension Cost (Benefit) |
Following are the components of the Net Period Pension Cost
(Benefit):
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December 31, |
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| |
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2013 |
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|
2012 |
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|
2011 |
|
|
Service Cost
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|
$ |
87,496 |
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|
$ |
94,374 |
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|
$ |
298,378 |
|
|
Interest Cost
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|
385,884 |
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|
|
406,689 |
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|
|
455,732 |
|
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Actual Return on Plan Assets
|
|
|
(1,310,053 |
) |
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|
(932,366 |
) |
|
|
(396,687 |
) |
|
Amortization of Unrecognized Transition Loss (Gain) from Earlier
Periods
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|
|
91,111 |
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|
69,699 |
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|
(7,487 |
) |
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Amortization of Unrecognized Prior Service Cost
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|
|
— |
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|
|
— |
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|
21,218 |
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Amortization of Net Gain (Loss) from Earlier Periods
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|
736,025 |
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|
390,400 |
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(129,257 |
) |
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Net Periodic Pension Cost (Benefit)
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|
$ |
(9,537 |
) |
|
$ |
28,796 |
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$ |
241,897 |
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| Schedule of Changes in Projected Benefit Obligations |
The change in projected benefit obligation is as
follows:
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December 31, |
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| |
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2013 |
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2012 |
|
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Benefit Obligation at Beginning of Year
|
|
$ |
9,827,454 |
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|
$ |
9,309,585 |
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Service Cost
|
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|
87,496 |
|
|
|
94,374 |
|
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Interest Cost
|
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|
385,884 |
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|
406,689 |
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Actuarial Loss (Gain)
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|
(804,080 |
) |
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|
636,013 |
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|
Benefits and Plan Expenses Paid
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|
(644,492 |
) |
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(619,207 |
) |
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Benefit Obligation at End of Year
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$ |
8,852,262 |
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$ |
9,827,454 |
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| Schedule of Changes in Fair Value of Plan Assets |
The change in plan assets is as follows:
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December 31, |
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| |
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2013 |
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|
2012 |
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Fair Value of Plan Assets at Beginning of Year
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$ |
8,509,771 |
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$ |
7,723,072 |
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Actual Return on Plan Assets
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|
1,310,053 |
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|
932,366 |
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Employer Contribution
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|
84,600 |
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|
473,540 |
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Plan Expenses Paid
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|
(71,585 |
) |
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(84,131 |
) |
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Benefits Paid
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(572,907 |
) |
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(535,076 |
) |
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Fair Value of Plan Assets at End of Year
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$ |
9,259,932 |
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$ |
8,509,771 |
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| Schedule of Funded Status of the Pension Obligation |
The funded status of the pension obligation consists of the
following:
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December 31, |
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2013 |
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2012 |
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Estimated Pension Benefit Obligation
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|
|
|
|
|
|
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Projected Benefit Obligation
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$ |
(8,852,262 |
) |
|
$ |
(9,827,454 |
) |
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Fair Value of Plan Assets
|
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|
9,259,932 |
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|
8,509,771 |
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Accrued Net Pension Asset (Obligation)
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$ |
407,670 |
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$ |
(1,317,683 |
) |
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| 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:
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December 31, |
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2013 |
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2012 |
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Weighted Average Discount Rate
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|
5.00 |
% |
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4.00 |
% |
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Weighted Average Asset Rate of Return
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|
7.00 |
% |
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|
7.00 |
% |
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Compensation Scale
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|
N/A |
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N/A |
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| Schedule of Disbursements from Plan Assets |
During the measurement period, disbursements from Pension Plan
assets were as follows:
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December 31, |
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| |
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2013 |
|
|
2012 |
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Benefit Payments
|
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$ |
572,907 |
|
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$ |
535,076 |
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Administrative Expenses
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|
71,585 |
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84,131 |
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Total
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$ |
644,492 |
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|
$ |
619,207 |
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| Schedule of Unrecognized (Gain) or Loss |
The unrecognized (gain) or loss determined subsequent to last
year’s measurement date is determined as follows:
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Liability loss determined from the January 1, 2013 census and
included in this year’s net periodic cost
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$ |
129,024 |
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Asset gain occurring over the measurement period
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(736,025 |
) |
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Gain due to assumption changes effective as of December 31,
2013
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|
(933,104 |
) |
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Total unrecognized gain
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$ |
(1,540,105 |
) |
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| Schedule of Plan's Weighted Average Asset Allocations |
The Pension Plan’s weighted average asset allocations at
December 31, 2013 and 2012 by asset category are as
follows:
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December 31, |
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| |
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2013 |
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|
2012 |
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Cash and Cash Equivalents
|
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|
3 |
% |
|
|
6 |
% |
|
Equity Securities
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|
66 |
% |
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|
63 |
% |
|
Fixed Income Securities
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|
30 |
% |
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31 |
% |
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Alternative Investments
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1 |
% |
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0 |
% |
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Total
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|
100 |
% |
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|
100 |
% |
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| Schedule of Fair Values of Plan Assets and Fair Value Measurements |
The following is a table of the Fair Values of Pension Plan Assets
and Fair Value Measurements at December 31, 2013 and 2012
(measured with quoted prices in active markets – Level 1
inputs):
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December 31, |
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| |
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2013 |
|
|
2012 |
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Cash and Cash Equivalents
|
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$ |
263,452 |
|
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$ |
369,174 |
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|
Equity Securities
|
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|
6,134,969 |
|
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|
5,305,492 |
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|
Fixed Income Securities
|
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|
2,730,912 |
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|
2,835,105 |
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Alternative Investments
|
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|
130,599 |
|
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|
— |
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Total
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$ |
9,259,932 |
|
|
$ |
8,509,771 |
|
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| Schedule of Estimated Future Benefit Payments |
The following benefit payments, which reflect expected future
service as appropriate, would be expected to be paid.
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Year Ending December 31,
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Amount |
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2014
|
|
$ |
646,200 |
|
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2015
|
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|
659,900 |
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2016
|
|
|
668,100 |
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2017
|
|
|
671,900 |
|
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2018
|
|
|
671,900 |
|
|
2019-2023
|
|
|
3,522,100 |
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|