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- <br /> Indi• an River Memorial Hospital , Inc. and Subsidiaries <br /> Notes to Consolidated Financial Statements <br /> For the Years Ended September 30 , 2002 and 2m1 <br /> The following is a schedule by year of approximate future minimum lease payments under <br /> operating leases as of September 30, 2002 that have initial or remaining lease terms in excess <br /> of one year: <br /> Year Ended <br /> September 30, <br /> 2003 - $ 56330000 - <br /> 2004 3452000 <br /> 2005 1592000 - <br /> 2006 - - - <br /> 59,000 - <br /> 2006 - - - 319000 <br /> _ _ $ 13,0982000 <br /> 16. Subsequent Event <br /> Effective December 31 , 20023, the Hospital froze entry into their defined benefit pension plan <br /> for all participants less than 60 years of age. In conjunction with this action, the Hospital <br /> created a defined contribution plan in accordance with Internal Revenue Code Section <br /> 403 (b) . Employees are eligible to participate in the plan with the exception of fixed rate, <br /> temporary, per diem and certain employees under collective bargaining agreements. The <br /> Hospital will match 50% of employee contributions up to 4%. In addition, for those <br /> employees who have at least 1 ,000 hours of service -and are employed on December 31 of a <br /> calendar year, the Hospital will contribute an amount-equal to 2% of an employee's pay. <br /> In December 2002 the Hospital formed a captive insurance company incorporated in the <br /> Cayman Islands in order to provide professional liability insurance for the Hospital. <br /> lip <br /> -29- <br />