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This excerpt taken from the VLG 10-K filed Sep 28, 2006. Employee
Health Care Benefits Reserves
Valley has self-funded health care benefit programs in place
whereby a third party administrator settles and pays incurred
claims on an on-going basis. Valley estimates the level of
outstanding claims, at any point in time, which amounted to
$0.5 million at June 30, 2005 and 2006. Included in
this estimate are claims incurred but not reported, based upon
historical payment patterns, knowledge of individual claims and
estimates of health care costs. Valley has stop-loss insurance
coverage in place to limit the extent of individual claims.
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