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Schmidt Construction <br />Notes to Divisional Balance Sheet <br />December 31, 2007 <br />Note S -Pensions and Other Postretireme~ Benefits <br />All eligible salaried employees are covered by noncontributory defined benefit pension <br />plans through Edw. C. Levy Co. In addition, the Division provides certain defined <br />healthcare benefits for retired employees through the Parent. The combined benefit <br />obligation and fair value of plan assets for Edw. C. Levy Co. and its affiliates at <br />December 3 I , 2007 for these plans is $74,48 I ,819 and $62,889,869, respectively. <br />Separate actuarial and funding information relative to the Division is not available. <br />Note 6 -Retirement Plan <br />The Division, the Parent, and the affiliates of the Parent maintain a retirement plan for all <br />salaried and non-union employees established pursuant to Internal Revenue Code <br />401(k). Prior to January I , 2007, employees of certain companies who completed at <br />least six months of service were eligible to participate in the plan. These employees <br />received an employer contribution based on a percentage of compensation or hours <br />worked. Effective January I , 2007, the plan was amended and employees of <br />substantially all companies who complete six consecutive months of service are eligible <br />to participate in the plan. These employees receive a contribution of 3 percent of each <br />employee's salary as well as hourly contributions for certain participants. <br />Note 7 -Litigation and Claims <br />There are various pending actions against the Division with respect to matters arising in <br />the ordinary course of business. The amount, if any, of the Division's ultimate liability <br />from these actions is presently not determinable. Based on current available <br />information, it is the opinion of management that any such liability resulting from these <br />actions will not materially affect the financial position of the Division. <br />Note 8 -Self-insurance <br />The Division, the Parent, and the affiliates of the Parent are partially self-insured for <br />workers' compensation. The Division, the Parent, and the affiliates of the Parent have <br />obtained specific excess reinsurance coverage for claims in excess of $ I ,000,000 per <br />accident. The Division is also self-insured for employee healthcare coverage. <br />6 <br />