Notes to CoNsolidated FiNaNCial statemeNts The following table presents the fair value hierarchy for those investments of the Company’s VEBA trust assets measured at fair value  on a recurring basis as of December 31, 2010: Note 13 – Postretirement Benefit Plans (continued) cash FlOws: Future benefit payments are expected to be as follows: Gross  Expected  Medicare  subsidies   Net  Including  Medicare  subsidies  2012 $ 66.9 $ 3.6 $ 63.3 2013  60.7   4.0   56.7  2014  59.9   4.3   55.6  2015  58.3   4.6   53.7  2016  56.9   4.3   52.6  2017–2021  257.2   22.7   234.5 2010 $ 54.0 2011  125.0  2012 (planned)   100.0 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 54.0 $ 54.0 $  – $  – Total Assets $ 54.0 $ 54.0 $  – $ – Cash and cash equivalents are valued at redemption value. Common collective funds are valued based on quoted prices for similar  assets in active markets. When such prices are unavailable, the Trustee determines a valuation from the market maker dealing in the  particular security. Employer contributions to Postretirement benefit Plans benefit Payments  THE TIMKEN COMPANY 74