Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plans

v2.4.0.8
Employee Benefit Plans
 3 Months Ended
Jun. 30, 2014
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

 

NOTE 10 – EMPLOYEE BENEFIT PLANS:

 

The components of pension cost are as follows:

 

     Three Months Ended
June 30,		  
    

2014

         

2013

  

Service cost

    $ 136         $ 144   

Interest cost

      359           340   

Expected return on assets

      (758 )         (682 ) 

Amortization of:

        

Unrecognized prior service cost

      1           1   

Actuarial loss

      145           250   
  

 

 

       

 

 

  

Net pension (benefit) cost

    $ (117 )       $ 53   
  

 

 

       

 

 

  

The Company made contributions to its defined benefit pension plan during the three months ended June 30, 2014 of $55. The Company does not expect to make any contributions to the plan for the balance of fiscal 2015.

The components of the postretirement benefit income are as follows:

 

     Three Months Ended
June 30,		  
    

2014

         

2013

  

Service cost

    $ -         $ -   

Interest cost

      8           8   

Amortization of prior service benefit

      (26 )         (41 ) 

Amortization of actuarial loss

      10           11   
  

 

 

       

 

 

  

Net postretirement benefit income

    $ (8 )       $ (22 ) 
  

 

 

       

 

 

  

The Company did not pay benefits related to its postretirement benefit plan during the three months ended June 30, 2014. The Company expects to pay benefits of approximately $98 for the balance of fiscal 2015.

The Company’s self-funds the medical insurance coverage it provides to its U.S. based employees. The Company has obtained a stop loss insurance policy in an effort to limit its exposure to claims. The liability of $305 and $221 on June 30 and March 31, 2014, respectively, related to the Company’s self-insured medical plan is primarily based upon claim history and is included in the caption “Accrued compensation” in the Condensed Consolidated Balance Sheets.