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## 10. Retirement Plan 

The Company has two defined benefit pension plans (the “Plans”), a Vornado Realty Trust Retirement Plan (“Vornado Plan”) and a Merchandise Mart Properties Pension Plan (“Mart Plan”). Benefits under the Plans were primarily based on the employee’s years of service and compensation during employment. The Company’s funding policy for the Plans is based on contributions at the minimal amounts required by law The benefits under the Vornado Plan and the Mart Plan were frozen in December 1997 and June 1999, respectively. 

The Company uses a December 31 measurement date for the Vornado Plan and the Mart Plan. 

OBLIGATIONS AND FUNDED STATUS 

The following table sets forth the Plans’ funded status and amounts recognized in the Company’s balance sheets: 

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