form11-k.htm
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_______________
FORM
11-K
[X]
|
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the fiscal year ended December 31, 2007
[ ]
|
TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the transition period from _____ to _____
Commission
file number 1-5742
A. Full
title of the plan and the address of the plan, if different from that of the
issuer named below:
Rite
Aid 401(k) Distribution Employees Savings Plan
B. Name
of issuer of the securities held pursuant to the plan and the address of its
principal executive office:
Rite
Aid Corporation
30
Hunter Lane
Camp
Hill, Pennsylvania 17011
RITE
AID 401(k) DISTRIBUTION EMPLOYEES SAVINGS PLAN
TABLE
OF CONTENTS
|
|
|
|
|
|
|
Page
|
|
|
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
|
1
|
|
|
FINANCIAL
STATEMENTS:
|
|
|
|
Statements
of Net Assets Available for Benefits as of December 31, 2007 and
2006
|
2
|
|
|
Statement
of Changes in Net Assets Available for Benefits for the Year
Ended
|
|
December
31, 2007
|
3
|
|
|
Notes
to Financial Statements as of December 31, 2007 and 2006, and for the
Year Ended
|
|
December 31,
2007
|
4–9
|
|
|
SUPPLEMENTAL
SCHEDULE:
|
|
|
|
Form
5500, Schedule H, Line 4i — Schedule of Assets (Held at End of
Year)
|
|
as
of December 31, 2007
|
11
|
|
|
All
other schedules required by Section 2520.103-10 of the Department of Labor’s
Rules and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974 have been omitted because they are not
applicable.
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Plan Administrator and Participants of
Rite
Aid 401(k) Distribution Employees Savings Plan:
We
have audited the accompanying statements of net assets available for benefits of
the Rite Aid 401(k) Distribution Employees Savings Plan (the “Plan”) as of
December 31, 2007 and 2006, and the related statement of changes in net
assets available for benefits for the year ended December 31, 2007. These
financial statements are the responsibility of the Plan Administrator. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We
conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. The Plan is not required
to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Plan’s internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by the Plan Administrator, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In
our opinion, such financial statements present fairly, in all material respects,
the net assets available for benefits of the Plan as of December 31, 2007
and 2006, and the changes in net assets available for benefits for the year
ended December 31, 2007, in conformity with accounting principles generally
accepted in the United States of America.
Our
audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule listed in the
Table of Contents is presented for the purpose of additional analysis and is not
a required part of the basic financial statements, but is supplementary
information required by the Department of Labor’s Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. This schedule is the responsibility of the Plan Administrator. Such
supplemental schedule has been subjected to the auditing procedures applied in
our audit of the basic 2007 financial statements and, in our opinion, is fairly
stated in all material respects when considered in relation to the basic 2007
financial statements taken as a whole.
/s/
Deloitte & Touche LLP
Philadelphia,
Pennsylvania
June
27, 2008
RITE AID 401(k) DISTRIBUTION
EMPLOYEES SAVINGS PLAN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF NET ASSETS AVAILABLE
FOR BENEFITS
|
|
|
|
|
|
|
AS OF DECEMBER 31, 2007 AND
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007
|
|
|
2006
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
Participant-directed
investments — at fair value
|
|
$ |
3,227,464 |
|
|
$ |
2,963,062 |
|
Employee contributions
receivable
|
|
|
8,088 |
|
|
|
7,619 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS AVAILABLE FOR BENEFITS
AT FAIR VALUE
|
|
|
3,235,552 |
|
|
|
2,970,681 |
|
|
|
|
|
|
|
|
|
|
Adjustments from fair value to
contract value for fully
|
|
|
|
|
|
|
|
|
benefit-responsive
investment contracts
|
|
|
1,102 |
|
|
|
5,009 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS AVAILABLE FOR
BENEFITS
|
|
$ |
3,236,654 |
|
|
$ |
2,975,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial
statements.
|
|
|
|
|
|
|
|
|
RITE AID 401(k) DISTRIBUTION
EMPLOYEES SAVINGS PLAN
|
|
|
|
|
|
|
|
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
|
|
|
|
FOR THE YEAR ENDED DECEMBER 31,
2007
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONS:
|
|
|
|
Employee
contributions
|
|
$ |
369,935 |
|
Rollover
contributions
|
|
|
1,716 |
|
Net appreciation in
fair value of investments
|
|
|
86,783 |
|
Investment
income
|
|
|
79,528 |
|
|
|
|
|
|
Total
additions
|
|
|
537,962 |
|
|
|
|
|
|
DEDUCTIONS:
|
|
|
|
|
Benefit
payments
|
|
|
275,984 |
|
Administrative
expenses
|
|
|
1,014 |
|
|
|
|
|
|
Total
deductions
|
|
|
276,998 |
|
|
|
|
|
|
INCREASE IN NET ASSETS AVAILABLE
FOR BENEFITS
|
|
|
260,964 |
|
|
|
|
|
|
NET ASSETS AVAILABLE FOR BENEFITS
— Beginning of year
|
|
|
2,975,690 |
|
|
|
|
|
|
NET ASSETS AVAILABLE FOR BENEFITS
— End of year
|
|
$ |
3,236,654 |
|
|
|
|
|
|
|
|
|
|
|
See notes to financial
statement.
|
|
|
|
|
RITE
AID 401(K) DISTRIBUTION EMPLOYEES SAVINGS PLAN
NOTES
TO FINANCIAL STATEMENTS
AS
OF AND FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
The
following brief description of the Rite Aid 401(k) Distribution Employees
Savings Plan (the “Plan”) is provided for general informational purposes
only. Participants should refer to the Plan document for a more complete
description of the Plan’s provisions.
General — The Plan is a
defined contribution plan sponsored by Rite Aid Corporation (the “Company” or
“Plan Sponsor”). An individual account is established for each participant and
provides benefits that are based on (a) amounts the participant contributes
to the participant’s account, and (b) investment earnings (losses), less
any administrative expenses charged to participant accounts, if
any.
T.
Rowe Price Trust Company serves as Plan trustee with respect to all assets other
than Company stock. GreatBanc Trust Company serves as Plan trustee with respect
to Company stock. The Employee Benefits Administration Committee is the plan
administrator (“Plan Administrator”) and is responsible for the preparation of
the Plan’s financial statements.
Participation — The Plan
covers union employees at the Rite Aid of Rome, New York Distribution Center and
the Rite Aid of West Virginia Distribution Center who have completed at least
one year of service (a twelve-month period when at least 1,000 hours are
credited), and have attained age 21.
Contributions — Each
year, a participant may contribute up to 15% of the participant’s pretax annual
compensation, as defined in the Plan. Participants age 50 and over may make
additional pretax contributions, as defined in the Plan. A participant also may
contribute, or roll over, amounts representing distributions from another
qualified defined benefit or defined contribution plan. There are no Plan
Sponsor contributions.
Investment Options — The
Plan provides participants with the option of investing the participant's
account balances into various investment options offered by the Plan. The Plan
currently offers 19 mutual funds, 5 custom funds, 1 common/collective trust, a
stable value fund and Rite Aid Corporation Common Stock.
The
Plan's custom funds are custom investment option created specifically for the
Plan by Northern Trust Global Advisors, Inc. The custom funds are unregistered
custom accounts maintained by the trustee. The performance of the custom funds
is based on the performance of the underlying mutual funds which are registered
in the market.
Payment of Benefits —
Upon termination of service, a participant may elect to receive a lump
sum amount equal to the value of the participant’s account or installment
payments.
Loans — A
participant may elect to borrow against the participant’s vested balance at a
reasonable rate of interest as defined in the Plan. A participant may borrow up
to 50% of the participant’s vested balance, with a maximum loan of $50,000. A
participant may only have one loan outstanding at any one time with the
exception that participants may have up to two outstanding loans which were
grandfathered at the time when the Plan was amended to no longer allow more than
one loan.
Vesting — A participant
is vested immediately in all contributions credited to the participant’s account
plus actual earnings (losses) thereon.
2.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting — The
accompanying financial statements have been prepared on the accrual basis of
accounting.
Adoption of new Accounting
Guidance — The financial statements reflect the adoption of
Financial Accounting Standards Board Staff Position, FSP AAG INV-1 and SOP
94-4-1, Reporting of Fully
Benefit-Responsive Contracts Held by Certain Investment Companies Subject to the
AICPA Investment Company Guide and Defined-Contribution Health and Welfare and
Pension Plans (the “FSP”). As required by the FSP, the statements of net
assets available for benefits presents investment contracts at fair value as
well as an additional line item showing an adjustment of fully benefit
responsive contracts from fair value to contract value. The statement of changes
in net assets available for benefits is presented on a contract value basis and
was not affected by the adoption of the FSP.
Investment Valuation
and Income Recognition — The Plan’s investments
are stated at fair value. Shares
of mutual funds are valued at quoted market prices, which represent the net
asset value of shares held by the Plan at year end. Custom funds are stated at
fair value which is based on the net asset value of participation units held by
the Plan at year-end and is calculated based on the shares held in underlying
mutual fund investments and the net asset value of those investments. Common
stock is valued at quoted market prices.
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. Common collective trust funds with underlying
investments in investment contracts are valued at fair market value of the
underlying investments and then adjusted by the issuer to contract
value.
The
stable value fund (SVF) includes two fully benefit-responsive synthetic
guaranteed investment contracts ("GIC") whose underlying investments are stated
at fair value and then adjusted by the issuer to contract value. Fair value of
the underlying investments is determined by the issuer of the synthetic GIC
based quoted on market prices and a fair value estimate of the wrapper contract.
Fair market value of the wrapper is estimated by converting the basis points
assigned to the wrap fees into dollars.
Participant
loans are valued at the outstanding loan balances.
The
common collective trust funds and the stable value fund may invest in fixed
interest insurance investment contracts, money market funds, corporate and
government bonds, mortgage-backed securities, bond funds, and other fixed income
securities. Participants may ordinarily direct the withdrawal or transfer of all
or a portion of their investment at contract value. Contract value represents
contributions made to the fund, plus earnings, less participant
withdrawals.
Purchases
and sales of securities are recorded on a trade-date basis. Realized gain or
loss on investment transactions is determined using the first-in, first-out
method; investment transactions are recorded at the trade date. Interest income
is recorded on the accrual basis. Dividends are recorded on the ex-dividend
date.
Management
fees and operating expenses charged to the Plan for investments in the mutual
funds are deducted from income earned on a daily basis and are not separately
reflected. Consequently, management fees and operating expenses are reflected as
a reduction of investment return for such investments.
The
Plan had 6,919 and 6,373 shares of Company common stock at December 31,
2007 and 2006, respectively.
Valuation of Investment(s)
Contracts — The Plan offers the SVF as an investment option. On
October 1, 2006, the Plan began to offer the T. Rowe Price SVF with the
Prudential SVF blended together as a single investment split fifty percent into
each of these underlying investments. These are trust products and are comprised
of a group annuity insurance product issued by The Prudential Insurance Company
of America (“Prudential”), T. Rowe Price Retirement Plan Services (“T. Rowe
Price”) and a portfolio of assets owned by the plan or designee. Interest on the
SVF is credited daily. T. Rowe Price calculated a blended rate which was
credited and compounded on a daily basis. The blended rate is based upon the
Prudential and T. Rowe Price rates and the 50%-50% asset split. The SVF is
deemed to be fully benefit responsive; therefore, it is presented at contract
value, which approximates fair value.
Administrative Expenses —
Plan fees and expenses related to account maintenance, transaction and
investment fund management are allocated to participant accounts. Under the
terms of the Plan document, costs relating to Plan administration may be paid by
the Plan Sponsor or paid from Plan forfeitures. For the year ended
December 31, 2007, the Plan Sponsor has paid substantially all
administrative expenses.
Use of Estimates — The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires the Plan
Administrator to make estimates and assumptions that affect the reported amounts
of net assets available for benefits at the date of the financial statements and
the reported changes to the Plan’s net assets available for benefits during the
reporting period. Actual results may differ from those estimates and
assumptions. The Plan invests in mutual funds, corporate stocks and the SVF.
Investment securities, in general, are exposed to various risks, such as
interest rate, credit, and overall market volatility. Due to the level of risk
associated with certain investment securities, it is reasonably possible that
changes in the values of investment securities will occur in the near term and
that such changes could materially affect the amounts reported in the Statements
of Net Assets Available for Benefits.
3.
SYNTHETIC
GUARANTEED INVESTMENT CONTRACT
The
plan provides a self managed stable value investment option to participants that
includes a synthetic guaranteed investment contract which simulates the
performance of a guaranteed investment contract through an issuer’s guarantee of
a specific interest rate (the wrapper contract) and a portfolio of financial
instruments that are owned by the plan. The synthetic GIC contract includes
underlying assets which are held in trust owned by the plan and utilizes
benefit-responsive wrapper contract. A portion of the master trust's Stable
Value Fund is issued by The Prudential Insurance Company of America and a
portion is managed by T. Rowe Price Associates, Inc. (TRPA). The TRPA portion of
the Fund consists of synthetic investment contracts which are selected by TRPA
and issued by banks and other financial institutions. TRPA also manages the
fixed income instruments underlying the investment contracts in its portion of
the Fund. The contract provides that participants execute plan transactions at
contract value. Contract value represents contributions made to the fund, plus
earnings, less participant withdrawals. The interest rates are reset quarterly
based on market rates of other similar investments, the current yield of the
underlying investments and the spread between the market value and contract
value. Certain events such as plan termination or a plan merger initiated by the
plan sponsor, may limit
the
ability of the plan to transact at contract value or may allow for the
termination of the wrapper contract at less than contract value. The plan
sponsor does not believe that any events that may limit the ability of the plan
to transact at contract value are probable.
|
|
2007
|
2006
|
|
|
|
|
|
Average
yields:
|
|
|
|
Based on annualized
earnings (1)
|
5.05 %
|
5.33 %
|
|
Based on interest rate
credited to participants (2)
|
4.47 %
|
4.55 %
|
(1)
|
Computed
by dividing the annualized one-day actual earnings of the contract on the
last day of the plan year by the fair value of the investments on the same
date.
|
(2)
|
Computed
by dividing the annualized one-day earnings credited to participants on
the last day of the plan year by the fair value of the investments on the
same date.
|
4.
INVESTMENTS
The
following presents investments that represent 5% or more of the Plan’s
assets:
|
|
|
December
31
|
|
|
|
2007
|
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
Stable Value
Fund
|
|
$ |
932,679 |
|
|
$ |
915,269 |
|
|
Dodge & Cox Balanced
Fund
|
|
|
434,038 |
|
|
|
401,870 |
|
|
Vanguard Institutional Index
Fund
|
|
|
363,133 |
|
|
|
*
|
|
|
Northern Trust Global Advisors
Large-Cap Growth Fund
|
|
|
315,134 |
|
|
|
279,805 |
|
|
Northern Trust Global Advisors
International Equity Fund
|
|
|
241,388 |
|
|
|
199,797 |
|
|
Participant Loan
Fund
|
|
|
178,415 |
|
|
|
156,947 |
|
|
T. Rowe Price Retirement
2010
|
|
|
168,100 |
|
|
|
131,907 |
|
|
T. Rowe Price Equity Index
Trust
|
|
|
*
|
|
|
|
334,863 |
|
|
|
|
|
|
|
|
|
|
|
|
* This was not an
investment option in the plan year presented.
|
|
|
|
|
|
|
|
|
The
Plan’s investments (including gains and losses on investments bought and sold,
as well as held during the year) appreciated/(depreciated) in value for the
year ended December 31, 2007, as follows:
|
Investments:
|
|
|
|
|
Rite Aid Corporate
Stock
|
|
$ |
(18,031 |
) |
|
Mutual
Funds
|
|
|
(24,988 |
) |
|
Custom
Funds
|
|
|
64,526 |
|
|
Common and Collective
Trusts
|
|
|
21,000 |
|
|
Stable Value
Funds
|
|
|
44,276 |
|
|
|
|
|
|
|
|
Net appreciation (depreciation) in
fair value of investments
|
|
$ |
86,783 |
|
The
Plan obtained its latest determination letter dated June 27, 2003, in which
the Internal Revenue Service (IRS) stated that the Plan, as then designed,
was in compliance with the applicable requirements of the Internal Revenue Code
(IRC). The Plan has been amended since receiving the determination letter. The
Plan Administrator believes that the Plan is currently designed and being
operated in compliance with the applicable requirements of the IRC. Therefore,
no provision for income taxes has been included in the Plan’s financial
statements.
Although
it has not expressed any intent to do so, the Plan Sponsor has the right under
the Plan to terminate the Plan subject to the provisions of ERISA.
7.
PARTY-IN-INTEREST
TRANSACTIONS
Certain
Plan investments are shares of mutual funds managed by T. Rowe Price Trust
Company, the trustee and custodian of the Plan. The transactions related to such
investments qualify as party-in-interest transactions. The Plan has also
permitted investment in the common stock of the Plan Sponsor, and therefore
these transactions qualify as party-in-interest transactions. The Plan
Administrator does not consider Plan Sponsor contributions or benefits paid by
the Plan to be party-in-interest transactions.
In
late 1999, the Plan Sponsor’s Board of Directors hired a new executive
management team to address and resolve various business, operational and
financial challenges confronting the Plan Sponsor. New management reviewed the
administration of the Plan for purposes of determining compliance with
provisions of the Plan and regulatory requirements. The Plan Administrator
identified certain processes not in compliance with the provisions of the Plan
or regulatory requirements, including failure to make certain deferral
contributions and failure to make de minimis distributions to Plan participants.
The Plan Administrator has not submitted a Voluntary Correction Program filing
with the IRS requesting a compliance statement and approval of the correction
method for operational failures identified in the Plan, but intends to complete the filing in
2008. The Plan Administrator believes that the
processes identified for
remediation, as well as the remediation procedures related to de minimis distributions already taken, would not
cause the Plan to be disqualified by the IRS, therefore no provision for income
taxes has been included in the Plan’s financial
statements. Penalties, taxes and remedial payments, if any, due to noncompliance
will be paid by the Company.
9. RECONCILIATION
OF FINANCIALS TO FORM 5500
The
following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500 as of December 31, 2007.
|
|
|
2007
|
|
|
|
|
|
|
|
Net assets available for benefits
per the financial
|
|
|
|
|
statements at contract
value
|
|
$ |
3,236,654 |
|
|
Adjustment from contract value to
fair value for fully
|
|
|
|
|
|
benefit-responsive
investment contracts
|
|
|
(1,102 |
) |
|
|
|
|
|
|
|
Net assets available for benefits
per the Form 5500
|
|
$ |
3,235,552 |
|
For
the year ended December 31, 2007, the following is a reconciliation of net
investment income per the financial statements to the Form 5500:
|
Total net appreciation in contract
value of investments
|
|
$ |
86,783 |
|
|
Total Investment
income
|
|
|
79,528 |
|
|
Adjustment on net appreciation and
investment income
|
|
|
3,907 |
|
|
|
|
|
|
|
|
Total earnings per the Form
5500
|
|
$ |
170,218 |
|
RITE AID 401(k) DISTRIBUTION
EMPLOYEES SAVINGS PLAN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORM 5500, SCHEDULE H, LINE
4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR)
|
|
|
|
|
DECEMBER 31,
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identity of Issuer,
Borrower,
|
|
|
|
|
|
At
|
|
Lessor or Similar Party and
Description
|
|
|
Number
|
Fair Market
|
|
|
|
|
of Shares
|
Value
|
|
Common and collective
trust:
|
|
|
|
|
|
|
|
*T. Rowe
Price
|
Bond Index
Trust
|
|
|
33 |
|
|
$ |
846 |
|
|
|
|
|
|
|
|
|
|
|
Total
common and collective trust
|
|
|
|
|
|
|
|
846 |
|
|
|
|
|
|
|
|
|
|
|
Mutual
Funds:
|
|
|
|
|
|
|
|
|
|
*T. Rowe
Price
|
Retirement
2010
|
|
|
10,370 |
|
|
|
168,100 |
|
*T. Rowe
Price
|
Retirement
2025
|
|
|
8,224 |
|
|
|
108,395 |
|
*T. Rowe
Price
|
Retirement
2020
|
|
|
4,761 |
|
|
|
84,460 |
|
*T. Rowe
Price
|
Retirement
2015
|
|
|
6,561 |
|
|
|
82,998 |
|
*T. Rowe
Price
|
Retirement
2040
|
|
|
1,953 |
|
|
|
37,500 |
|
*T. Rowe
Price
|
Retirement
2030
|
|
|
1,881 |
|
|
|
35,839 |
|
*T. Rowe
Price
|
International Equity Index
Fund
|
|
|
1,634 |
|
|
|
25,859 |
|
*T. Rowe
Price
|
Retirement
2035
|
|
|
1,841 |
|
|
|
24,869 |
|
*T. Rowe
Price
|
Retirement
2045
|
|
|
1,037 |
|
|
|
13,203 |
|
*T. Rowe
Price
|
Retirement
2005
|
|
|
340 |
|
|
|
4,006 |
|
*T. Rowe
Price
|
Extended Equity Market Index
Fund
|
|
|
96 |
|
|
|
1,477 |
|
*T. Rowe
Price
|
Retirement Income
Fund
|
|
|
56 |
|
|
|
750 |
|
*T. Rowe
Price
|
Retirement
2050
|
|
|
1 |
|
|
|
3 |
|
*T. Rowe
Price
|
Retirement
2055
|
|
|
1 |
|
|
|
3 |
|
Dodge &
Cox
|
Balanced
Fund
|
|
|
5,358 |
|
|
|
434,038 |
|
Vanguard
|
Instl Index
Fund
|
|
|
2,707 |
|
|
|
363,133 |
|
Pimco
|
Total Return Instl
Fund
|
|
|
1,930 |
|
|
|
20,630 |
|
Vanguard
|
Small-Cap Index
Fund
|
|
|
17 |
|
|
|
541 |
|
|
|
|
|
|
|
|
|
|
|
Total
mutual funds
|
|
|
|
|
|
|
|
1,405,804 |
|
|
|
|
|
|
|
|
|
|
|
Custom
Funds:
|
|
|
|
|
|
|
|
|
|
Northern Trust
Global Advisors
|
Large-Cap Growth
Fund
|
|
|
23,395 |
|
|
|
315,134 |
|
Northern Trust
Global Advisors
|
International Equity
Fund
|
|
|
13,212 |
|
|
|
241,388 |
|
Northern Trust
Global Advisors
|
Large-Cap Value
Fund
|
|
|
6,438 |
|
|
|
91,999 |
|
Northern Trust
Global Advisors
|
Mid-Cap
Fund
|
|
|
1,940 |
|
|
|
29,124 |
|
Northern Trust
Global Advisors
|
Small-Cap
Fund
|
|
|
879 |
|
|
|
13,901 |
|
|
|
|
|
|
|
|
|
|
|
Total
custom funds
|
|
|
|
|
|
|
|
691,546 |
|
|
|
|
|
|
|
|
|
|
|
Stable Value Fund
Synthetic
|
|
|
|
|
|
|
|
|
|
Guaranteed Investment
Contract:
|
|
|
|
|
|
|
|
|
|
Prudential and
*T. Rowe Price
|
Stable Value
Fund
|
|
|
79,242 |
|
|
|
931,549 |
|
|
|
|
|
|
|
|
|
|
|
Total
Stable Value Fund Synthetic
|
|
|
|
|
|
|
|
|
|
Guaranteed
Investment Contract
|
|
|
|
|
|
|
|
931,549 |
|
|
|
|
|
|
|
|
|
|
|
Company Stock
Fund:
|
|
|
|
|
|
|
|
|
|
*Rite Aid
Corporation
|
Company Stock
Fund
|
|
|
6,919 |
|
|
|
19,304 |
|
|
|
|
|
|
|
|
|
|
|
*Participant
notes
|
Loan Fund**
|
|
|
|
|
|
|
178,415 |
|
|
|
|
|
|
|
|
|
|
|
Total Assets Held at
End
|
|
|
|
|
|
|
$ |
3,227,464 |
|
|
|
|
|
|
|
|
|
|
|
*Party-in-interest
|
|
|
|
|
|
|
|
|
|
**The loans range in interest
rates from 5.0% to 9.25% and expire through 2012.
|
|
|
|
|
|
|
|
|
SIGNATURES
The Plan. Pursuant
to the requirements of the Securities Exchange Act of 1934, the trustees (or
other persons who administer the employee benefit plan) have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
RITE
AID 401(k) DISTRIBUTION EMPLOYEES SAVINGS PLAN
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/
Chuck Carlsen
|
|
|
Chuck
Carlsen, not in his individual capacity, but solely as an authorized
signatory for the Employee Benefits Administration
Committee
|
Date: June
27, 2008
EXHIBIT
INDEX
Exhibit
Number
|
Description
|
23.1
|
Consent
of Independent Registered Public Accounting
Firm
|