ICO » Topics » UMWA Combined Benefit Fund (Coal Act)

These excerpts taken from the ICO 10-K filed Feb 27, 2009.
UMWA Combined Benefit Fund (Coal Act)—The Coal Industry Retiree Health Benefit Act of 1992 (the “Coal Act”) provides for the funding of medical and death benefits for certain retired members of the UMWA. It provides for the assignment of beneficiaries to their former employers and any unassigned beneficiaries to employers based on a formula. Based upon actuarially determined amounts for the latest list of beneficiaries assigned to Anker, the Company estimates the amount of its obligation under the Coal Act to be approximately $1,277 and $1,464 as of December 31, 2008 and 2007, discounted at 6.25% and 6.00%, respectively. The Company recorded interest expense related to the Coal Act of $80, $302 and $345 for the years ended December 31, 2008, 2007 and 2006, respectively.

UMWA Combined Benefit Fund (Coal Act)—The Coal Industry Retiree Health Benefit Act of 1992 (the “Coal Act”) provides for the funding of medical and death benefits for certain retired members of the UMWA. It provides for the assignment of beneficiaries to their former employers and any unassigned beneficiaries to employers based on a formula. Based upon actuarially determined amounts for the latest list of beneficiaries assigned to Anker, the Company estimates the amount of its obligation under the Coal Act to be approximately $1,277 and $1,464 as of December 31, 2008 and 2007, discounted at 6.25% and 6.00%, respectively. The Company recorded interest expense related to the Coal Act of $80, $302 and $345 for the years ended December 31, 2008, 2007 and 2006, respectively.

UMWA
Combined Benefit Fund (Coal Act)
—The Coal Industry Retiree Health
Benefit Act of 1992 (the “Coal Act”) provides for the funding of medical and
death benefits for certain retired members of the UMWA. It provides for the
assignment of beneficiaries to their former employers and any unassigned
beneficiaries to employers based on a formula. Based upon actuarially determined
amounts for the latest list of beneficiaries assigned to Anker, the Company
estimates the amount of its obligation under the Coal Act to be approximately
$1,277 and $1,464 as of December 31, 2008 and 2007, discounted at 6.25% and
6.00%, respectively. The Company recorded interest expense related to the Coal
Act of $80, $302 and $345 for the years ended December 31, 2008, 2007 and 2006,
respectively.



UMWA
Combined Benefit Fund (Coal Act)
—The Coal Industry Retiree Health
Benefit Act of 1992 (the “Coal Act”) provides for the funding of medical and
death benefits for certain retired members of the UMWA. It provides for the
assignment of beneficiaries to their former employers and any unassigned
beneficiaries to employers based on a formula. Based upon actuarially determined
amounts for the latest list of beneficiaries assigned to Anker, the Company
estimates the amount of its obligation under the Coal Act to be approximately
$1,277 and $1,464 as of December 31, 2008 and 2007, discounted at 6.25% and
6.00%, respectively. The Company recorded interest expense related to the Coal
Act of $80, $302 and $345 for the years ended December 31, 2008, 2007 and 2006,
respectively.



EXCERPTS ON THIS PAGE:

10-K (4 sections)
Feb 27, 2009
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