UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
11-K
(Mark
One)
x
ANNUAL REPORT PURSUANT TO SECTION
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the
fiscal year ended December 31, 2008
OR
p
TRANSITION REPORT PURSUANT TO SECTION
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the
transition period from _________________to__________________.
Commission
File Number: 0-20842
A. Full
title of the plan and the address of the plan, if different from that of the
issuer named below:
PLATO
Learning, Inc. Savings and Retirement Plan
B. Name
of issuer of the securities held pursuant to the plan and the address of its
principal executive office:
PLATO
Learning, Inc.
10801
Nesbitt Avenue South
Bloomington,
MN 55437
PLATO
Learning, Inc.
Savings
and Retirement Plan
Financial
Statements and Supplemental Schedule
December 31,
2008 and 2007
Savings
and Retirement Plan
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Page
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1
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Financial
Statements
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2
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3
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4-10
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Supplemental
Schedule
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11
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Note:
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Other
schedules required by 29 CFR 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.
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Participants
and Plan Administrator
PLATO
Learning, Inc. Savings and Retirement Plan
We have
audited the accompanying statements of net assets available for benefits of
PLATO Learning, Inc. Savings and Retirement Plan (“the Plan”) as of
December 31, 2008 and 2007, and the related statement of changes in net
assets available for benefits for the year ended December 31,
2008. These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit 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 audit 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 management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of PLATO Learning, Inc.
Saving and Retirement Plan as of December 31, 2008 and 2007, and the
changes in net assets available for benefits for the year ended
December 31, 2008, 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 of
assets (held at end of year) 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. The supplemental schedule has been subjected to
the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/s/Grant
Thornton
Minneapolis,
Minnesota
June 29,
2009
Savings
and Retirement Plan
Statements
of Net Assets Available for Benefits
December
31, 2008 and 2007
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2008
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2007
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Assets
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Investments
at fair value
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$
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15,573,283
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$
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22,820,735
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Employer
contribution receivable
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58,993
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-
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Net
assets available for benefits at fair value
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15,632,276
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22,820,735
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Adjustment
from fair value to contract value for
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fully
benefit-responsive investment contracts
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184,980
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10,826
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Net
assets available for benefits
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$
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15,817,256
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$
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22,831,561
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The
accompanying notes are an integral part of these financial
statements.
Savings
and Retirement Plan
Statement
of Changes in Net Assets Available for Benefits
Year
Ended December 31, 2008
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Contributions
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Participant
elective deferrals
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$
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2,324,934
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Participant
rollovers
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317,438
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Employer
matching
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819,395
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Total
contributions
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3,461,767
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Investment
income (loss)
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Interest
and dividend income
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620,914
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Net
depreciation in fair value of investments
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(7,475,852
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Net
investment loss
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(6,854,938
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Benefits
paid to participants
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(3,589,882
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Administrative
expenses
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(31,252
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Net
decrease in net assets during the year
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(7,014,305
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Net
assets available for benefits
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Beginning
of year
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22,831,561
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End
of year
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$
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15,817,256
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The
accompanying notes are an integral part of this financial
statement.
Savings
and Retirement Plan
Notes
to Financial Statements
December
31, 2008 and 2007
The
following description of the PLATO Learning, Inc. (the “Company”) Savings and
Retirement 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
was established October 1, 1989 and is a defined contribution plan covering all
eligible employees of the Company. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”).
Eligibility
Requirements
All
employees of the Company are eligible to participate in the Plan upon the
completion of three months of employment provided they are least 21 years of
age.
Contributions
Participant
contributions are recorded in the period the employer makes the payroll
deductions. Participants may contribute up to 60% of their pre-tax
compensation, up to a maximum dollar amount, as defined, subject to certain
other Internal Revenue Service (“IRS”) limitations. The plan contains an
automatic enrollment feature whereby employees are automatically enrolled at 3%
of their pre-tax compensation. Annually, this amount is increased by
1% up to a maximum of 6% of their pre-tax compensation.
Company
matching contributions are discretionary and accrued based on participant
contributions. The matching contribution in 2008 was 50% for every
dollar of each participant contribution up to a maximum of the greater of 3% of
participant eligible compensation, or $6,900. The Company may also make
additional contributions to the Plan at its discretion. Any such
amount must be designated by Company resolution.
Eligible
participants who have attained age 50 before the close of the calendar year may
also make catch-up contributions up to the dollar amount of the catch-up
permitted for the year.
Participant
Accounts
Individual
participant accounts are maintained by the Plan’s recordkeeper and plan
administrator, Fidelity Investments Institutional Operations Company, Inc
(“Fidelity”). Each participant’s account is credited with the
participant’s contribution, applicable share of Plan investment earnings or
loss, net of administrative expenses, and an allocation of employer matching
contributions. Plan earnings are allocated based on account balances
by fund.
Vesting
and Forfeitures
Participants
are immediately vested in their contributions and actual earnings thereon.
Participants vest in their Company contribution account based on the following
schedule:
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Vested
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Years
of Service
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Percentage
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Less
than 1 year
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0
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1
year but less than 2
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33-1/3
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2
years but less than 3
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66-2/3
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3
years or more
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100
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A
participant will also become fully vested upon permanent disability or
attainment of normal retirement as defined in the Plan.
Forfeitures
of non-vested company contributions are invested in a common collective trust
fund and can be used to pay administrative fees of the plan and/or reduce future
contributions made by the Company. During the year ended December 31,
2008, approximately $32,000 of forfeitures were used to pay
administrative fees of the plan. There was approximately $50,000 and $49,000 in
forfeited non-vested accounts at December 31, 2008 and 2007,
respectively.
Benefit
Paid to Participants
On
termination of service due to death, disability or retirement or other reasons,
a participant may elect to receive either a lump-sum amount equal to the value
of the participant’s vested interest in his or her account, installments over a
specified time, or rollover the entire vested portion to a qualified plan or
Individual Retirement Account (IRA). If the participant fails to notify the plan
administrator of distribution options within 90 days of termination of service
and the vested account balance is less than $5,000, the vested balance is
automatically rolled into a Fidelity IRA. A participant with less than $1,000 in
vested benefits receives a lump sum distribution, net of tax.
Loans
Participants
may borrow from their fund accounts a minimum amount of $1,000 and up to a
maximum equal to the lesser of $50,000 or 50% of their vested account balance,
reduced by the highest outstanding loan balance in the account during the prior
twelve months. The term of a loan repayment may not be greater than
five years unless the loan qualifies as a residential mortgage
loan. The administrator may fix the term of repayment of a
residential mortgage loan considering the maturity dates quoted by
representative lending institutions in the local area for a similar loan, but in
no event greater than for a period of 10 years or such longer period as approved
on a nondiscriminatory basis by the administrator. The loans are
collateralized by the balance in the participant’s account and bear interest at
a rate commensurate with local prevailing rates as determined by
the administrator at the date of loan origination. Principal and
interest is paid ratably through biweekly payroll
deductions. Participant notes receivable have interest rates ranging
from 5.0% to 9.5% and are due at various dates through November
2019. Repayments are generally made through payroll deductions and
are invested among the various investment funds in the same manner as
participant contributions.
Investment
Options
The Plan
offers twenty-six investment options: twenty-three mutual funds, two common
collective trust funds and one Company stock fund. Plan participants direct the
investment of their accounts among these twenty-six options. New investments in
the Company stock fund are not permitted. Investments in the Company
stock fund are limited to those participants invested in that fund as of March
30, 2005. Each participant is entitled to exercise voting rights attributable to
the Company shares allocated to his or her account and is notified by the
Trustee prior to the time that such rights are to be exercised. The
Trustee is not permitted to vote any allocated shares for which a participant
has not given instructions. Company contributions are
invested in the fund options in the same manner as participant
contributions.
Plan
Termination
Although
it has not expressed any intent to do so, the Company has the right under the
Plan to terminate the Plan subject to the provisions of ERISA. In the
event of Plan termination, participants will become 100% vested in their
accounts, and assets of the Plan will be distributed in accordance with the Plan
document.
During
2008, the Company had a reduction in workforce of approximately 29% (140
employees). Most of these employees had participated in the
Plan.
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2.
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Summary
of Significant Accounting Policies
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The
following significant accounting policies were used to prepare the financial
statements in accordance with accounting principles generally accepted in the
United States of America.
Basis
of Accounting
The
accompanying financial statements have been prepared using the accrual basis of
accounting.
Investment contracts held
by a defined contribution plan are required to be reported at fair value.
However, contract value is the relevant measurement attribute for that portion
of the net assets available for benefits of a defined contribution plan
attributable to fully benefit-responsive investment contracts because contract
value is the amount participants would receive if they were to initiate
permitted transactions under the terms of the plan. The Plan invests in
investment contracts through a collective trust. Contract value for this
collective trust is based on the net asset value of the fund as reported by the
investment advisor. The statements of net assets available for benefits
present the fair value of the investment in the collective trust as well as the
adjustment of the investment in the collective trust from fair value to contract
value relating to the investment contracts. The statement of changes in
net assets available for benefits is prepared on a contract-value
basis.
Investment
Valuation and Income Recognition
Investments
are reported at fair value. Fair value is the price that would be
received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. See
note 3 for discussion of fair value measurements.
Purchases
and sales of securities are recorded on a trade-date basis. Interest
income is recorded on the accrual basis. Dividends are recorded on
the ex-dividend date. Net appreciation (depreciation) includes the
Plan’s gains and losses on investments bought and sold, as well as held during
the year.
Administrative
Expenses
Administrative
expenses, primarily transaction fees and professional services, are paid by the
Plan. All other administration costs have been paid by the Company at
its discretion.
Benefits
Paid to Participants
Benefit
payments are recorded when paid.
Use
of Estimates
The
preparation of the financial statements in conformity with accounting principles
generally accepted in the United States of America requires the Plan’s
administrator to make use of estimates and assumptions that affect the reported
amounts of assets available for benefits at the date of the financial statements
and the changes in assets available from plan benefits during the reporting
period and, when applicable, disclosures of contingent assets and
liabilities. Actual results could differ from those
estimates.
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3.
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Fair
Value Measurements
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The Plan
adopted Financial Accounting Standards Board Statement of Financial Accounting
Standards (“SFAS”) No. 157,
Fair Value Measurements
, on
January 1, 2008 to value financial assets and liabilities. As defined
in SFAS No. 157, fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. In order to increase
consistency and comparability in fair value measurements and related
disclosures, SFAS No. 157 established a fair value hierarchy that prioritizes
inputs to valuation techniques used to measure fair value into three broad
levels, which are described below:
Level
1: Quotes prices (unadjusted) in active markets for identical assets
or liabilities that are accessible at the measurement date for assets and
liabilities. The fair value hierarchy gives the highest priority to
Level 1 inputs.
Level
2: Inputs other than quoted prices included within Level 1 that are
observable for the assets or liabilities, either directly or
indirectly. These include quoted prices for identical or similar
assets or liabilities in markets that are not active, that is, markets in which
there are few transactions for the asset or liability, the prices are not
current, or price quotations vary substantially either over time or among market
makers, or in which little information is released publicly and inputs that are
derived principally from or corroborated by observable market date by
correlation or other means.
Level
3: Unobservable inputs developed using the Company’s estimates and
assumptions, which reflect those that the market participants would
use. Such inputs are used when little or no market data is
available. The fair value hierarchy gives the lowest priority to
Level 3 inputs.
Determining
where an asset or liability falls within the hierarchy depends on the lowest
level input that is significant to the fair value measurement as a
whole, In determining fair value, the Company utilizes valuation
techniques that maximize the use of observable inputs and minimize the use of
unobservable inputs to the extent possible and considers counterparty credit
risk in the assessment of fair value.
Assets
measured at fair value for the Plan are as follows:
Common stock/mutual
funds
– Valued at the closing price reported on the active market on
which the security is traded.
Collective trust
–
Valued based on the fair value of the collective trust’s underlying investments
using information reported by the investment advisor.
Participant loans
–
Valued at amortized cost, which approximates fair value.
The
methods described above may produce a fair value calculation that may not be
indicative of net realizable value or reflective of future fair
values. Furthermore, while the Plan believes its valuation methods
are appropriate and consistent with other market participants, the use of
different methodologies or assumptions to determine the fair value of certain
financial instruments could result in a different estimate of fair value at the
reporting date.
Plan
assets carried at fair value at December 31, 2008 are classified in the table
below in one of the three categories described above:
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Level
1
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Level
2
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Level
3
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Total
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Common
stock
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$
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27,247
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$
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-
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$
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-
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$
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27,247
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Mutual
funds
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11,949,348
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-
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-
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11,949,348
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Collective
trust
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-
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3,342,903
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-
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3,342,903
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Participant
loans
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-
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-
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253,785
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253,785
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Total
assets at fair value
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$
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11,976,595
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$
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3,342,903
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$
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253,785
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$
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15,573,283
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Level
3 Gains and Losses
The table
below sets forth a summary of changes in the fair value of the Plan’s Level 3
assets for the year ended December 31, 2008:
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Participant
loans
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Balance,
beginning of year
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$
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281,414
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Realized
gains (losses)
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-
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Unrealized
gains (losses) relating to instruments still held at reporting
date
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-
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Purchases,
sales, issuances and settlements (net)
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27,629
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Balance,
end of year
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$
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309,043
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4.
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Risks
and Uncertainties
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The Plan
provides for various investment options in various combinations of investment
securities. Investment securities are exposed to various risk factors
including, but not limited to, interest rates, market conditions and credit
risks. Due to the level of risk associated with certain investment
securities and the level of uncertainty related to changes in the value of
investment securities, it is at least reasonably possible that changes in the
values of investment securities will occur in the near term and that such
changes could materially affect participants’ account balances and the amounts
reported in the Statements of Net Assets Available for Benefits in future
periods.
The
following presents details of investments that represent 5% or more of the
Plan’s assets as of December 31, 2008 and 2007:
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2008
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2007
|
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Mutual
funds at fair value
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|
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American
Funds Growth Fund of America, 129,615 and
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$
|
2,649,336
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|
|
$
|
4,786,304
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140,774
in 2008 and 2007, respectively
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American
Funds EuroPacific Growth Fund A, 49,359 and
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47,903
shares in 2008 and 2007, respectively
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1,379,591
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|
|
|
2,436,802
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|
American
Beacon Funds, 123,509 and 138,187 shares
|
|
|
1,422,820
|
|
|
|
2,379,588
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|
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in
2008 and 2007, respectively
|
|
|
|
|
|
|
|
|
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Franklin
Mutual Beacon Funds, 244,638 and 271,283 shares
|
|
|
2,199,295
|
|
|
|
4,240,149
|
|
|
in
2008 and 2007, respectively
|
|
|
|
|
|
|
|
|
|
Fidelity
Government Income, 127,084 and 116,103 shares
|
|
|
1,391,567
|
|
|
|
1,202,830
|
|
|
in
2008 and 2007, respectively
|
|
|
|
|
|
|
|
|
|
Fidelity
Small Cap Independence Fund, 77,348 and 86,702 shares
|
|
|
814,480
|
|
|
|
1,726,241
|
|
|
in
2008 and 2007, respectively
|
|
|
|
|
|
|
|
|
|
Other
mutual funds individually less than 5%
|
|
|
2,092,259
|
|
|
|
2,576,236
|
|
|
Collective
trust fund at contract value
|
|
|
|
|
|
|
|
|
|
Wells
Fargo Stable Value Fund, 59,857 and 72,085
|
|
|
|
|
|
|
|
|
|
shares
in 2008 and 2007, respectively
|
|
|
2,502,618
|
|
|
|
2,903,595
|
|
|
Fidelity
Managed income Portfolio, 972,790 and 194,612
|
|
|
1,025,265
|
|
|
|
196,727
|
|
|
shares
in 2008 and 2007, respectively
|
|
|
|
|
|
|
|
|
|
Company
Common stock individually less than 5%
|
|
|
27,247
|
|
|
|
101,675
|
|
|
Participant
loans individually less than 5%
|
|
|
253,785
|
|
|
|
281,414
|
|
|
|
|
$
|
15,758,263
|
|
|
$
|
22,831,561
|
|
During
the year ended December 31, 2008, the Plan’s investments (including gains and
losses on investments bought, sold, and held during the year) (depreciated) in
value by ($7,475,852) as follows:
|
Mutual
funds
|
|
$
|
(7,411,744
|
)
|
|
Common
stock
|
|
|
(64,108
|
)
|
|
|
|
$
|
(7,475,852
|
)
|
The Plan
is a prototype plan. The Internal Revenue Services has determined and
informed the Trustee by letter dated October 9, 2003, that the prototype plan
and related trust are designed in accordance with applicable sections of the
Internal Revenue Code (IRC). Although the Plan has been amended since
the date of this letter, the plan administrator believes that the Plan is
currently designed and being operated in compliance with the applicable
requirements of the IRC.
During
2008, the plan was amended to include an additional investment option and
provide a Roth component.
Transaction
in shares of the Company’s common stock qualify as party-in-interest
transactions under the provisions of ERISA. During 2008 and 2007 ,
the Plan made no purchases of the Company’s common stock and had
sales of approximately $6,000 and $18,000, respectively. Certain Plan
investments, shares of mutual funds and the collective trust fund, are managed
by Fidelity. Fidelity is the trustee as defined by the Plan and,
therefore, these transactions qualify as related party transactions. In
addition, certain administrative fees are paid by the Company.
|
9.
|
Reconciliation
of Financial Statements to Form
5500
|
The
following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500:
|
|
|
2008
|
|
|
2007
|
|
|
Net
assets available for benefits per the financial statements
|
|
$
|
15,817,256
|
|
|
$
|
22,831,561
|
|
|
Adjustment
from contract value to fair value for fully benefit-
|
|
|
|
|
|
|
|
|
|
responsive
investment contracts
|
|
|
(184,980
|
)
|
|
|
(10,826
|
)
|
|
Net
assets available for benefits per the Form 5500
|
|
$
|
15,632,276
|
|
|
$
|
22,820,735
|
|
The
following is a reconciliation of total additions to net assets per the financial
statements to net income (loss) per the Form 5500:
|
Net
decrease in net assets per the financial statements
|
|
$
|
(7,014,305
|
)
|
|
Adjustment
from contract value to fair value for fully benefit
|
|
|
|
|
|
responsive
investment contracts
|
|
|
(174,155
|
)
|
|
Net
income (loss) per the Form 5500
|
|
$
|
(7,188,460
|
)
|
PLATO
Learning, Inc. Savings and Retirement Plan
Schedule
H, line 4i – Schedule of Assets (Held at End of Year) December 31,
2008
|
(a)
|
|
(b)
|
(c)
|
(d)
|
(e)
|
|
|
|
|
|
Description
of Investment,
|
|
|
|
|
|
|
Identity
of Issue,
|
Including
Maturity Date,
|
|
Fair
or
|
|
|
|
|
Borrower,
Lessor
|
Interest
Rate, Collateral,
|
|
Contract
|
|
|
|
|
or
Similar Party
|
Par
or Maturity Date
|
Cost
**
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Fidelity
Government Income Fund
|
Mutual
fund
|
|
$
|
1,391,567
|
|
|
|
*
|
|
Fidelity
Small Cap Independence Fund
|
Mutual
fund
|
|
|
814,480
|
|
|
|
|
|
American
Funds EuroPacific
|
|
|
|
|
|
|
|
|
|
Growth
A
|
Mutual
fund
|
|
|
1,379,591
|
|
|
|
|
|
American
Beacon Fund
|
Mutual
fund
|
|
|
1,422,820
|
|
|
|
|
|
Spartan
Total Market Index Fund
|
Mutual
fund
|
|
|
178,161
|
|
|
|
|
|
Spartan
Extended Market Index Fund
|
Mutual
fund
|
|
|
144,871
|
|
|
|
|
|
American
Growth Fund of America
|
Mutual
fund
|
|
|
2,649,336
|
|
|
|
*
|
|
Fidelity
High Income Fund
|
Mutual
fund
|
|
|
718,094
|
|
|
|
|
|
Oppenheimer
International Small
|
Mutual
fund
|
|
|
291,738
|
|
|
|
|
|
Franklin
Mutual Beacon
|
Mutual
fund
|
|
|
2,199,295
|
|
|
|
*
|
|
Fidelity
Freedom 2010 Fund
|
Mutual
fund
|
|
|
175,631
|
|
|
|
*
|
|
Fidelity
Freedom 2020 Fund
|
Mutual
fund
|
|
|
39,149
|
|
|
|
*
|
|
Fidelity
Freedom 2030 Fund
|
Mutual
fund
|
|
|
103,019
|
|
|
|
*
|
|
Fidelity
Freedom 2040 Fund
|
Mutual
fund
|
|
|
76,960
|
|
|
|
*
|
|
Fidelity
Freedom 2015 Fund
|
Mutual
fund
|
|
|
15,846
|
|
|
|
*
|
|
Fidelity
Freedom 2025 Fund
|
Mutual
fund
|
|
|
31,751
|
|
|
|
*
|
|
Fidelity
Freedom 2035 Fund
|
Mutual
fund
|
|
|
108,688
|
|
|
|
*
|
|
Fidelity
Freedom 2045 Fund
|
Mutual
fund
|
|
|
54,548
|
|
|
|
*
|
|
Fidelity
Freedom 2050 Fund
|
Mutual
fund
|
|
|
25,974
|
|
|
|
*
|
|
Fidelity
Freedom 2000 Fund
|
Mutual
fund
|
|
|
79,739
|
|
|
|
*
|
|
Fidelity
Freedom Income
|
Mutual
fund
|
|
|
2,560
|
|
|
|
*
|
|
Fidelity
Freedom 2005
|
Mutual
fund
|
|
|
2,121
|
|
|
|
|
|
Janus
Adv Forty S
|
Mutual
fund
|
|
|
43,409
|
|
|
|
|
|
Wells
Fargo Stable Value Fund
|
Collective
trust fund
|
|
|
2,370,113
|
|
|
|
*
|
|
Fidelity
Managed Income Portfolio
|
Collective
trust fund
|
|
|
972,790
|
|
|
|
*
|
|
PLATO
Learning, Inc.
|
Common
stock, 25,610 shares
|
|
|
27,247
|
|
|
|
*
|
|
Participant
loans
|
Interest
rate ranging from 5.0%
|
|
|
|
|
|
|
|
|
|
to
9.5%, due at various dates
|
|
|
|
|
|
|
|
|
|
through
November 2019
|
|
|
253,785
|
|
|
|
|
|
|
|
|
$
|
15,573,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Denotes
party in interest.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**
|
|
Cost
information not required for participant-directed benefits
|
|
|
|
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the trustees have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
PLATO
Learning, Inc. Savings and Retirement Plan
|
Date:
June 29, 2009
|
/s/ Robert J. Rueckl
|
|
|
Robert
J. Rueckl
|
|
|
Trustee
|
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