2003-253P. - Laserfiche WebLink

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Indian River Memorial - Hospital , Inc. and Subsidiaries Notes to Consolidated Financial Statements For the Years Ended September 30 , 2002 and 2m1 The following table sets forth the change in projected benefit obligation, change in plan assets, weighted average assumptions and components of net periodic pension cost for the SERF : 2002 2001 Change in projected benefit obligation - Prnj ected benefit obligation, beginning of year $ 1951267 $ 652629 Service cost 763332 7330550 Interest cost 250 , 14,645 5 Actuarial assumptions - 11,577 15v250 Actuarial loss 257,732 371,826 Projected benefit obligation, end of year 555,553 195,267 Change iii plan assets - Plan assets at fair value, beginning of year Actual return on Plan assets = _ Hospital contributions Benefits paid _ Plan assets at fair value, end of year _ Funded status of the plan _ - (5552553) (1957267) Unrecognized net loss 502838 Unrecognized prior or service cost _- 6150983 - Acciuedbenefit cost $ - (555,553) _ $ - (82,446) Weighted average assumptions as of September 30, _ Weighted average discount rate 7.25% 7.50% Rate of increase in future compensation levels 3.50% 3.50% Components of net periodic pension cost: Service cost $ 76,332 $ 732550 Interest cost 14,645 5,250 Amortization of Unrecognized net loss 320, 147 - Unrecognized prior service cost 613983 3,646 Net periodic pension cost $ 473, 107 $ 822446 During fiscal year 2002, the Hospital modified the SERP . Those modifications included all gains and losses related to salary and assumption changes being recognited immediately and upon termination of employment, the liability related to the participant will be recognized immediately. Management believes this to be a preferable method for recognizing gains and Iosses . The cumulative effect of changing methods in the current year increased expense for the SERP by approximately $318 ,000 for the year ended September 30, 2002 . -26-