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THIS IS TAKEN FROM THE CONFRENCE CALL TRANSCRIPTS
Edward Wolfe -- Wolfe Research
Okay. Sheila, on the liquidity side, I thought I heard you say that the equivalent of the $171 million number that you gave us at the end of third quarter was take the $98 million, add the $160 million from the revolver reserve, and then add the $85 million for the expected refund. Since you didn’t have the refund, if I just add the $160 million, you’re saying it’s the equivalent of 258 million, did I hear that right?
Sheila Taylor
I follow your math. And basically the $170 million that we had at the end of the third quarter would be comparable to the $100 million that we had at the end of the fourth quarter. But then when you add on the $160 million at the end of the fourth quarter you would also add on the revolver reserves that we had at the end of the third quarter, which I think was $106 million.
Edward Wolfe -- Wolfe Research
I’m confused. Apples to apples, the $170 million equals $258 million or $98 million?
Sheila Taylor
$170 million would equal about $100 million at the end of the year and if you go back and you pro forma the $170 million, I would add the revolver reserves at that time, which I believe was about $106 million so you get $276 million, I can do the math in my head, versus taking the $100 million now plus $160 million.
Jack Waldo -- Stephens, Inc
Good morning, gentlemen and Sheila. I wanted to talk a little bit more about the multi employer pension plans, specifically when does the pension payment come back on line? How much is it a month? I guess how much is it a month if we look historically on your employee count and how much would you expect it to be based on your current employee count?
Sheila Taylor
Yes, it comes back on in January of 2011. Historically, I’d say it was between $35 million to $40 million from a pension standpoint. I’d expect it to be closer to the $30 million, obviously, don’t know what headcount is going to look like or volumes next January, but it could be around that number.
Jack Waldo -- Stephens, Inc
Okay. And could you talk a little bit about the proposed pension legislation and how it might impact you guys?
Tim Wicks
Hey, Jack, it’s Tim. Before you go there, I think the other thing that’s important as we operate the business clearly while we are focused on strategies around 2011 I think we’d be remiss if we didn’t make sure everyone is aware that we operate the business with a forecast that anticipates those payments returning in 2011, right, as opposed to believing that we’ve it solved until we do have it solved.
Jack Waldo -- Stephens, Inc
Do you want to share what that forecast is?
Tim Wicks
Of course, not.
Sheila Taylor
Nice try.
THIS IS TAKEN FROM THE CONFRENCE CALL TRANSCRIPTS
Edward Wolfe -- Wolfe Research
Okay. Sheila, on the liquidity side, I thought I heard you say that the equivalent of the $171 million number that you gave us at the end of third quarter was take the $98 million, add the $160 million from the revolver reserve, and then add the $85 million for the expected refund. Since you didn’t have the refund, if I just add the $160 million, you’re saying it’s the equivalent of 258 million, did I hear that right?
Sheila Taylor
I follow your math. And basically the $170 million that we had at the end of the third quarter would be comparable to the $100 million that we had at the end of the fourth quarter. But then when you add on the $160 million at the end of the fourth quarter you would also add on the revolver reserves that we had at the end of the third quarter, which I think was $106 million.
Edward Wolfe -- Wolfe Research
I’m confused. Apples to apples, the $170 million equals $258 million or $98 million?
Sheila Taylor
$170 million would equal about $100 million at the end of the year and if you go back and you pro forma the $170 million, I would add the revolver reserves at that time, which I believe was about $106 million so you get $276 million, I can do the math in my head, versus taking the $100 million now plus $160 million.
Jack Waldo -- Stephens, Inc
Good morning, gentlemen and Sheila. I wanted to talk a little bit more about the multi employer pension plans, specifically when does the pension payment come back on line? How much is it a month? I guess how much is it a month if we look historically on your employee count and how much would you expect it to be based on your current employee count?
Sheila Taylor
Yes, it comes back on in January of 2011. Historically, I’d say it was between $35 million to $40 million from a pension standpoint. I’d expect it to be closer to the $30 million, obviously, don’t know what headcount is going to look like or volumes next January, but it could be around that number.
Jack Waldo -- Stephens, Inc
Okay. And could you talk a little bit about the proposed pension legislation and how it might impact you guys?
Tim Wicks
Hey, Jack, it’s Tim. Before you go there, I think the other thing that’s important as we operate the business clearly while we are focused on strategies around 2011 I think we’d be remiss if we didn’t make sure everyone is aware that we operate the business with a forecast that anticipates those payments returning in 2011, right, as opposed to believing that we’ve it solved until we do have it solved.
Jack Waldo -- Stephens, Inc
Do you want to share what that forecast is?
Tim Wicks
Of course, not.
Sheila Taylor
Nice try.
