Annual report pursuant to Section 13 and 15(d)

Employment Retirement Benefits (Tables)

v2.4.0.8
Employment Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2013
Employee Retirement Benefits [Abstract]  
Summary Of The Balance Sheet Impact, Including Benefit Obligations, Assets And Funded Status Of The Pension Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

2012

Change in benefit obligation:

 

 

 

 

 

 

Benefit obligation at the beginning of the year

 

$         

5,675,000 

 

$

5,150,000 

Service cost

 

 

5,000 

 

 

275,000 

Interest cost

 

 

186,000 

 

 

244,000 

Participant contributions

 

 

0 

 

 

0 

Augmentations

 

 

211,000 

 

 

0 

Actuarial (gains)/losses

 

 

(198,000)

 

 

325,000 

Benefits paid

 

 

(293,000)

 

 

(552,000)

Changes due to plan settlement

 

 

(2,363,000)

 

 

0 

Foreign currency gains

 

 

117,000 

 

 

233,000 

Benefit obligation at the end of the year

 

 

3,340,000 

 

 

5,675,000 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

5,547,000 

 

 

6,056,000 

Actual return on plan assets

 

 

343,000 

 

 

(289,000)

Employer contributions

 

 

297,000 

 

 

58,000 

Participant contributions

 

 

0 

 

 

0 

Benefits paid

 

 

(293,000)

 

 

(552,000)

Changes due to plan settlement

 

 

(2,363,000)

 

 

0 

Foreign currency losses

 

 

114,000 

 

 

274,000 

Fair value of plan assets at end of year

 

 

3,645,000 

 

 

5,547,000 

 

 

 

 

 

 

 

Funded status at end of year – net asset /(liability)

 

$

305,000 

 

$

(128,000)

 

Weighted Average Assumptions Used To Determine Net Periodic Pension Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.6% 

 

 

4.3% 

Expected return on assets

 

 

5.5% 

 

 

5.1% 

 

Summary Of Estimated Future Pension Benefit Payments

 

 

 

 

 

 

2014

$

414,000 

2015

 

148,000 

2016

 

119,000 

2017

 

261,000 

2018

 

236,000 

2019 thru 2023

 

1,411,000 

 

Summary Of Components Of Net Periodic Benefit Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

2012

 

 

2011

Service cost

 

$

5,000 

 

$

275,000 

 

$

36,000 

Interest cost

 

 

186,000 

 

 

244,000 

 

 

240,000 

Expected return on assets

 

 

(229,000)

 

 

(262,000)

 

 

(267,000)

Amortization of prior service cost

 

 

211,000 

 

 

 -

 

 

46,000 

Net periodic pension cost

 

$

173,000 

 

$

257,000 

 

$

55,000