NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 10. Retirement Benefits The Company sponsors a defined benefit pension plan that covers all employees of its Kolberg-Pioneer sub- sidiary. Benefits paid under this plan are based on years of service multiplied by a monthly amount. In addition, the Company also sponsors two post-retirement medical and life insurance plans covering the employees of its Kolberg-Pioneer and Telsmith subsidiaries and retirees of its former Barber-Greene subsidiary. The Company’s funding policy for all plans is to make the minimum annual contributions required by applicable regulations. The accrued benefit for 2002 and 2001 for the Company’s three post-retirement OPEB benefit plans were $980,866 and $828,002 for the Telsmith Retiree Medical and Life Insurance Plan; $475,991 and $485,814 for the Kolberg-Pioneer, Inc. Retiree Life Insurance Plan and Post-Retirement Medical Plan; and $75,120 and $66,575 for the Barber-Greene Retirement Life Insurance Plan.