Rite Aid 2011 Annual Report Download - page 102

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RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended February 26, 2011, February 27, 2010 and February 28, 2009
(In thousands, except per share amounts)
15. Retirement Plans (Continued)
Common and Collective Trusts
Common collective trust funds are stated at fair value as determined by the issuer of the common
collective trust funds based on the fair market value of the underlying investments.
Following are the future benefit payments expected to be paid for the Defined Benefit Pension
Plan and the nonqualified executive retirement plan during the years indicated:
Nonqualified
Defined Benefit Executive
Fiscal Year Pension Plan Retirement Plan
2012 ..................................... 5,927 1,582
2013 ..................................... 6,220 1,693
2014 ..................................... 6,392 1,672
2015 ..................................... 6,673 1,613
2016 ..................................... 6,810 1,550
2017 - 2021 ............................... 38,072 5,434
Total ................................... $70,094 $13,544
Other Plans
The Company participates in various multi-employer union pension plans that are not sponsored
by the Company. Total expenses recognized for the multi-employer plans were $19,053 in fiscal 2011,
$19,328 in fiscal 2010 and $10,924 in fiscal 2009.
16. Commitments, Contingencies and Guarantees
Legal Proceedings
The Company is currently a defendant in several putative collective or class action lawsuits filed in
federal or state courts in Pennsylvania, New Jersey, New York, Maryland and Oregon, purportedly on
behalf of, in some cases (i) current and former assistant store managers, or (ii) current and former
store managers and assistant store managers, respectively, working in the Company’s stores at various
locations. The lawsuits allege violations of the Fair Labor Standards Act and of certain state wage and
hour statutes. The lawsuits seek various combinations of unpaid compensation (including overtime
compensation), liquidated damages, exemplary damages, pre- and post-judgment interest as well as
attorneys’ fees and costs. In one of the cases, Craig et al v. Rite Aid Corporation et al, pending in the
United States District Court for the Middle District of Pennsylvania, brought on behalf of current and
former assistant store managers, the Court, on December 9, 2009, conditionally certified a nationwide
collective group of individuals who worked for the Company as assistant store managers since
December 9, 2006. Notice of the Craig action has been sent to the purported members of the collective
group (approximately 6,700 current and former store managers) and approximately 1,100 have joined
the Craig action. In another of the cases, Indergit v. Rite Aid Corporation et al, pending in the United
States District Court for the Southern District of New York, brought on behalf of current and former
store managers and assistant store managers, the Court, on April 2, 2010, conditionally certified a
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