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Note 5 - Employee Benefit Plans
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Dec. 31, 2012
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| Pension and Other Postretirement Benefits Disclosure [Text Block] |
(5)ÌýÌýÌýÌýÌý
Employee
Benefit Plans
The
Trust has a defined contribution plan available to all
regular employees having one or more years of continuous
service.ÌýÌýContributions are at the discretion of
the Trustees of the Trust. The Trust contributed $42,454,
$38,918, and $43,824, in 2012, 2011, and 2010,
respectively.
The
Trust has a noncontributory pension plan (Plan) available to
all regular employees having one or more years of continuous
service. The Plan provides for normal retirement at age 65.
Contributions to the Plan reflect benefits attributed to
employees’ services to date, as well as services
expected in the future.
The
following table sets forth the Plan’s changes in
benefit obligation, changes in fair value of plan assets, and
funded status as of December 31, 2012 and 2011 using a
measurement date of December 31:
Amounts
recognized in the balance sheets as of December 31 consist
of:
Amounts
recognized in accumulated other comprehensive income (loss)
consist of the following at December 31:
Net
periodic benefit cost for the years ended December 31, 2012,
2011 and 2010 include the following components:
Other
changes in plan assets and benefit obligations recognized in
other comprehensiveÌýÌýincome:
The
estimated net actuarial loss and prior service cost for the
Plan that will be amortized from accumulated other
comprehensive income (loss)ÌýÌýinto net periodic
benefit cost over the next fiscal year are $104,854 and
$6,840, respectively.
The
following table summarizes the projected benefit obligation
in excess of Plan assets and the accumulated benefit
obligation in excess of Plan assets at December 31, 2012 and
2011:
The
following are weighted-average assumptions used to determine
benefit obligations and costs at December 31, 2012, 2011, and
2010
The
expected return on Plan assets assumption of 7.0% was
selected by the Trust based on historical real rates of
return for the current asset mix and an assumption with
respect to future inflation.ÌýÌýThe rate was
determined based on a long-term allocation of about
two-thirds fixed income and one-third equity securities;
historical real rates of return of about 2.5% and 8.5% for
fixed income and equity securities, respectively; and
assuming a long-term inflation rate of 2.5%.
The
Plan has a formal investment policy statement. The
Plan’s investment objective is balanced income, with a
moderate risk tolerance.ÌýÌýThis objective emphasizes
current income through a 60% to 80% allocation to fixed
income securities, complemented by a secondary consideration
for capital appreciation through an equity allocation in the
range of 20% to 40%.ÌýÌýDiversification is achieved
through investment in mutual funds and bonds. The asset
allocation is reviewed annually with respect to the target
allocations and rebalancing adjustments and/or target
allocation changes are made as appropriate. The Trust’s
current funding policy is to maintain the Plan’s fully
funded status on an ERISA minimum funding basis.
Fair
Value Measurements
Fair
value is defined as the price that would be received to sell
an asset or paid to transfer a liability (exit price) in an
orderly transaction between market participants at the
measurement date.
The
fair value accounting standards establish a fair value
hierarchy for inputs used in measuring fair value that
maximizes the use of observable inputs and minimizes the use
of unobservable inputs by requiring that the most observable
inputs be used when available.ÌýÌýObservable inputs
are those that market participants would use in pricing the
asset or liability based on market data obtained from
independent sources.ÌýÌýUnobservable inputs reflect
our assumptions about the inputs market participants would
use in pricing the asset or liability developed based on the
best information available in the
circumstances.ÌýÌýThe fair value hierarchy is
categorized into three levels based on the inputs used in
measuring fair value, as follows:
Level 1
– Inputs are based on unadjusted quoted prices in
active markets for identical assets or liabilities that we
have the ability to access.ÌýÌýSince inputs are based
on quoted prices that are readily and regularly available in
an active market, Level 1 inputs require the least
judgment.
Level 2
– Inputs are based on quoted prices for similar
instruments in active markets, or are observable either
directly or indirectly.ÌýÌýInputs are obtained from
various sources including financial institutions and
brokers.
Level 3
– Inputs that are unobservable and significant to the
overall fair value measurement.ÌýÌýThe degree of
judgment exercised by us in determining fair value is
greatest for fair value measurements categorized in Level
3.
The
fair values of plan assets by major asset category at
December 31, 2012 and 2011, respectively, are as
follows:
Management
intends to fund the minimum ERISA amount for
2013.ÌýÌýThe Trust may make some discretionary
contributions to the Plan, the amounts of which have not yet
been determined.
The
following benefit payments, which reflect expected future
service, as appropriate, are expected to be paid for the
following ten year period:
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