Note 13 – Officers’ Life Insurance
Investments in life insurance policies were made with the intention of utilizing them as a long-term funding source for post-retirement benefits. However, they do not represent a committed funding source for these obligations and are subject to claims from creditors. This plan was terminated in conjunction with the acquisition of Nolte in 2010, and the Company has no further financial obligations under these policies as of December 31, 2013.
The net cash surrender value of these policies at December 31, 2013 and 2012 was $521 and $656, respectively.