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Indian River Memorial Hospital, Inc. and Subsidiaries -
<br /> i
<br /> Notes to Consolidated 2
<br /> Financial Statements
<br /> For the Years Ended September 30, 2002 and 2m1
<br /> The following table sets forth the change in ro '
<br /> assets, weighted average assumptions and components of bennet periodic pens t obligation, change
<br /> for Plan: the
<br /> Change in projected benefit obligation 2002 2001 .
<br /> Projected benefit obligation, beginning of year $ 48,996,091
<br /> .Service cost � $ 40,780,844
<br /> I Interest cost 2,468,370 - 1 , 883,646
<br /> Actuarial assumptions 3,627,612 3,21531862
<br /> _ Actuarial (gain) loss 843,005 32559,847
<br /> - Benefits paid - (1 ,387,977) 1,006, 193
<br /> 1 (1 ;757,477) 1450,301
<br /> Projected benefit obligation, — )
<br /> _ _ gation, end ofyear - 52,789 624 482996,091 -
<br /> Change in plan assets
<br /> Plan assets at fair value, beginning of year 40,965,774
<br /> Actual return on Plan assets 43, 186, 150
<br /> Hospital contributions (22066,323) (770,075)
<br /> Benefits paid 1 ,3612571 _
<br /> (1 ,
<br /> Plan assets at fair value, end of (1 ,757,477) 450,301 )
<br /> year 38, 75724 5
<br /> 401965,774.
<br /> - Funded status of the plan - (14,286,079 -
<br /> Unrecognized net loss ) (8,030,31 '
<br /> 9 960 099 _
<br /> - � prior service cost 5,021 ,395
<br /> - 13058,571 1 ,220,030
<br /> Accrued benefit cost - _
<br /> $$ (3,2679409)
<br /> 1 (1 , 788,892)
<br /> ----__.
<br /> Weighted average assumptions as of "
<br /> September 30:
<br /> Weighted average co discount rate -
<br /> Rate of increase in ft=ue 7.25% 7.50
<br /> compensation levels 4. 00 4.50
<br /> Expected long terra rate of return on plan assets 8.50
<br /> 8.50
<br /> Components of net periodic pension cost:
<br /> Service cost $ 2,468,370
<br /> Interest cost $ 1 , 883,646
<br /> Expected return on plan assets 31627,612 32215, 862
<br /> Amortization of. (324283842) (32507,528)
<br /> UUnrecognized net loss 11 ,489 _
<br /> gnized prior service cost 161 ,459
<br /> 161 ,459
<br /> Net periodic pension cost $ 2, 8402088
<br /> $ 1 , 7532439
<br /> -25-
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