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| <NonNumbericText> <div> <div><!-- 2.0.3657.28464 --><div><!-- body --><div style="font-family: 'Times New Roman', serif;"> <p style="margin: 0in 0in 12pt;" class="BLDHEADII"><strong><font class="_mt" size="2">20.<font style="mso-tab-count: 1;" class="_mt"> Retirement Plans</font></font></strong></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">Prior to December 2008, we had two defined benefit pension plans, a Vornado Realty Trust Retirement Plan (“Vornado Plan”) and a Merchandise Mart Properties Pension Plan (“Mart Plan”). The benefits under the Vornado Plan and the Mart Plan (collectively, the “Plans”) were frozen in December 1997 and June 1999, respectively. Benefits under the Plans were primarily based on years of service and compensation during employment or on years of credited service and established monthly benefits. Funding policy for the Plans was based on contributions at the minimum amounts required by law. <font style="mso-spacerun: yes;" class="_mt"> During the first quarter of 2009, we finalized the termination of the Mart Plan, which resulted in a $2,800,000 pension settlement expense.<font style="mso-spacerun: yes;" class="_mt"> During the fourth quarter of 2008, we finalized the termination of the Vornado Plan which resulted in a $4,600,000 pension settlement expense.<font style="mso-spacerun: yes;" class="_mt"> These charges are included as a component of “general and administrative” expense on our consolidated statements of income.<font style="mso-spacerun: yes;" class="_mt"> </font></font></font></font></font></p> <font style="font-family: 'Times New Roman','serif'; font-size: 10pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;" class="_mt"><br style="page-break-before: always; mso-special-character: line-break;" clear="all" /></font></div><!-- body --></div></div> </div> </NonNumbericText> |
| <NonNumericTextHeader> 20. Retirement Plans Prior to December 2008, we had two defined benefit pension plans, a Vornado Realty Trust Retirement Plan (“Vornado </NonNumericTextHeader> |
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