Liabilities measured at fair value on a recurring basis at December 31, 2010 were as follows:
## Table 0 ##
(1) Includes credit default swap (Pillars) recorded within other liabilities on the consolidated statement of financial condition.
Total assets and liabilities measured at fair value on a recurring basis of $139,226 million and $19,335 million, respectively, at December 31, 2009 were as follows:
## Table 1 ##
(1) Comprised of investments held at cost, amortized cost, carried interest and equity method investments, which include investment companies, and other assets which in accordance with GAAP are not accounted for under a fair value measure.
In accordance with GAAP, certain equity method investees do not account for both their financial assets and financial liabilities under fair value measures, therefore, the Company’s investment in such equity method investees may not represent fair value.
(2) Includes disposal group assets and company-owned and split-dollar life insurance policies.
Separate Account Assets BlackRock Pensions Limited and BlackRock Asset Management Pensions Limited, both wholly-owned subsidiaries of the Company, are registered life insurance companies that maintain separate account assets, representing segregated funds held for purposes of funding individual and group pension contracts, and equal and offsetting separate account non-financial liabilities.
The net investment income and net gains and losses attributable to separate account assets accrue directly to the contract owners and are not reported on the Company’s consolidated statements of income.
Money Market Funds Within Cash and Cash Equivalents At December 31, 2010 and 2009, approximately $87 million and $1.4 billion, respectively, of money market funds were recorded within cash and cash equivalents on the Company’s consolidated statements of financial condition.
Money market funds are valued through the use of quoted market prices (a Level 1 input), or $1.00, which generally is the net asset value of the fund.
Level 3 Assets Level 3 assets recorded within investments, which include equity method investments and consolidated investments of real estate funds, private equity funds and funds of private equity funds, are valued based upon valuations, including capital accounts, received from internal as well as third-party fund managers.
Fair valuations of the underlying funds are based on a combination of methods, which may include third-party independent appraisals and discounted cash flow techniques.
Direct investments in private equity companies held by funds of private equity funds are valued based on an assessment of each underlying investment, incorporating evaluation of additional
Effective January 1, 2011, all U. S.  employees, including U. S.  legacy BGI employees, will participate in the BRSP.
All plan assets in the two legacy BGI plans, including the 401K Plan and Retirement Plan (see below), were merged into the BRSP on January 1, 2011.
Under the combined BRSP, employee contributions of up to 8% of eligible compensation, as defined by the plan and subject to IRC limitations, will be matched by the Company at 50%.
In addition, the Company will continue to make an annual retirement contribution to eligible participants equal to 3-5% of eligible compensation.
BlackRock Institutional Trust Company 401(k) Savings Plan (formerly the BGI 401(k) Savings Plan) The Company assumed a 401(k) Plan (the “BGI Plan”) covering employees of former BGI as a result of the BGI Transaction.
As part of the BGI Plan, employee contributions for participants with at least one year of service were matched at 200% of participants’ pre-tax contributions up to 2% of base salary and overtime, and matched 100% of the next 2% of base salary and overtime, as defined by the plan and subject to IRC limitations.
The maximum matching contribution a participant would have received is an amount equal to 6% of base salary up to the IRC limitations.
The BGI Plan expense was $12 million for the year ended December 31, 2010 and immaterial to the Company’s consolidated financial statements for the year ended December 31, 2009.
Effective January 1, 2011, the net assets of this plan merged into the BRSP.
BlackRock Institutional Trust Company Retirement Plan (formerly the BGI Retirement Plan) The Company assumed a defined contribution money purchase pension plan (“BGI Retirement Plan”) as a result of the BGI Transaction.
All salaried employees of former BGI and its participating affiliates who were U. S.  residents on the U. S.  payroll were eligible to participate.
For participants earning less than $100,000 in base salary, the Company contributed 6% of a participant’s total compensation (base salary, overtime and performance bonus) up to $100,000.
For participants earning $100,000 or more in base salary, the Company contributed 6% of a participant’s base salary and overtime up to the IRC limitation of $245,000 in 2010.
These contributions were 25% vested once the participant has completed two years of service and then vested at a rate of 25% for each additional year of service completed.
Employees with five or more years of service under the Retirement Plan were 100% vested in their entire balance.
The Retirement Plan expense was $13 million for the year ended December 31, 2010 and immaterial to the Company’s consolidated financial statements for the year ended December 31, 2009.
Effective January 1, 2011, the net assets of this plan merged into the BRSP.
BlackRock Group Personal Pension Plan BlackRock Investment Management (UK) Limited (“BIM”), a wholly-owned subsidiary of the Company, contributes to the BlackRock Group Personal Pension Plan, a defined contribution plan for all employees of BIM.
BIM contributes between 6% and 15% of each employee’s eligible compensation.
The expense for this plan was $22 million, $13 million and $16 million for the years ended December 31, 2010, 2009 and 2008, respectively.
Defined Benefit Plans In 2009, prior to the BGI Transaction, the Company had several defined benefit pension plans in Japan, Germany, Luxembourg and Jersey.
All accrued benefits under these defined benefit plans are currently frozen and the plans are closed to new participants.
In 2008, the defined benefit pension values in Luxembourg were transferred into a new defined contribution plan for such employees, removing future liabilities.
Participant benefits under the plans will not change with salary increases or additional years of service.
Through the BGI Transaction, the Company assumed defined benefit pension plans in Japan and Germany which are closed to new participants.
During 2010, these plans merged into the legacy BlackRock plans in Japan (the “Japan Plan”) and Germany.
At December 31, 2010 and 2009, the plan assets for these plans were approximately $19 million and $10 million, respectively, and the unfunded obligations were less than $6 million and $3 million, respectively, which were recorded in accrued compensation and benefits on the consolidated statements of financial condition.
Benefit payments for the next five years and in aggregate for the five years thereafter are not expected to be material.
Defined benefit plan assets for the Japan Plan of approximately $16 million are invested using a total return investment approach whereby a mix of equity securities, debt securities and other investments are used to preserve asset values, diversify risk and achieve the target investment return benchmark.
Investment strategies and asset allocations are based on consideration of plan liabilities and the funded status of the plan.
Investment performance and asset allocation are measured and monitored on an ongoing basis.
The current target allocations for the plan assets are 45-50% for U. S.  and international equity securities, 50-55% for U. S.  and international fixed income securities and 0-5% for cash and cash equivalents.
The table below provides the fair value of the defined benefit Japan Plan assets at December 31, 2010 by asset category.
The table also identifies the level of inputs used to determine the fair value of assets in each category.
## Table 2 ##
The assets and unfunded obligation for the defined benefit pension plan in Germany and Jersey were immaterial to the Company’s consolidated financial statements at December 31, 2010.
Post-retirement Benefit Plans Prior to the BGI Transaction, the Company had requirements to deliver post-retirement medical benefits to a closed population based in the United Kingdom and through the BGI Transaction, the Company assumed a post-retirement benefit plan to a closed population of former BGI employees in the United Kingdom.
For the years ended December 31, 2010, 2009 and 2008, expenses and unfunded obligations for these benefits were immaterial to the Company’s consolidated financial statements.
In addition, through the BGI Transaction, the Company assumed a requirement to deliver post-retirement medical benefits to a
Notes to table (continued) (a) (continued) Management believes that operating income, as adjusted, and operating margin, as adjusted, are effective indicators of BlackRock’s financial performance over time.
As such, management believes that operating income, as adjusted, and operating margin, as adjusted, provide useful disclosure to investors.
Operating income, as adjusted: BGI transaction and integration costs recorded in 2010 and 2009 consist principally of certain advisory payments, compensation expense, legal fees, marketing and promotional, occupancy and consulting expenses incurred in conjunction with the BGI Transaction.
Restructuring charges recorded in 2009 and 2008 consist of compensation costs, occupancy costs and professional fees.
The expenses associated with restructuring and BGI transaction and integration costs have been deemed non-recurring by management and have been excluded from operating income, as adjusted, to help enhance the comparability of this information to the current reporting periods.
As such, management believes that operating margins exclusive of these costs are useful measures in evaluating BlackRock’s operating performance for the respective periods.
The portion of compensation expense associated with certain long-term incentive plans (“LTIP”) that will be funded through the distribution to participants of shares of BlackRock stock held by PNC and a Merrill Lynch cash compensation contribution, a portion of which has been received, have been excluded because these charges ultimately do not impact BlackRock’s book value.
Compensation expense associated with appreciation/(depreciation) on investments related to certain BlackRock deferred compensation plans has been excluded as returns on investments set aside for these plans, which substantially offset this expense, are reported in non-operating income (expense).
Operating margin, as adjusted: Operating income used for measuring operating margin, as adjusted, is equal to operating income, as adjusted, excluding the impact of closed-end fund launch costs and commissions.
Management believes that excluding such costs and commissions is useful because these costs can fluctuate considerably and revenues associated with the expenditure of these costs will not fully impact the Company’s results until future periods.
Operating margin, as adjusted, allows the Company to compare performance from period-to-period by adjusting for items that may not recur, recur infrequently or may fluctuate based on market movements, such as restructuring charges, transaction and integration costs, closed-end fund launch costs, commissions paid to certain employees as compensation and fluctuations in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans.
The Company also uses operating margin, as adjusted, to monitor corporate performance and efficiency and as a benchmark to compare its performance to other companies.
Management uses both the GAAP and non-GAAP financial measures in evaluating the financial performance of BlackRock.
The non-GAAP measure by itself may pose limitations because it does not include all of the Company’s revenues and expenses.
Revenue used for operating margin, as adjusted, excludes distribution and servicing costs paid to related parties and other third parties.
Management believes that excluding such costs is useful to BlackRock because it creates consistency in the treatment for certain contracts for similar services, which due to the terms of the contracts, are accounted for under GAAP on a net basis within investment advisory, administration fees and securities lending revenue.
Amortization of deferred sales commissions is excluded from revenue used for operating margin measurement, as adjusted, because such costs, over time, offset distribution fee revenue earned by the Company.
Reimbursable property management compensation represented compensation and benefits paid to personnel of Metric Property Management, Inc.  (“Metric”), a subsidiary of BlackRock Realty Advisors, Inc.  (“Realty”).
Prior to the transfer in 2008, these employees were retained on Metric’s payroll when certain properties were acquired by Realty’s clients.
The related compensation and benefits were fully reimbursed by Realty’s clients and have been excluded from revenue used for operating margin, as adjusted, because they did not bear an economic cost to BlackRock.
For each of these items, BlackRock excludes from revenue used for operating margin, as adjusted, the costs related to each of these items as a proxy for such offsetting revenues.
(b) Non-operating income (expense), less net income (loss) attributable to non-controlling interests, as adjusted: Non-operating income (expense), less net income (loss) attributable to non-controlling interests (“NCI”), as adjusted, equals non-operating income (expense), GAAP basis, less net income (loss) attributable to NCI, GAAP basis, adjusted for compensation expense associated with depreciation/(appreciation) on investments related to certain BlackRock deferred compensation plans.
The compensation expense offset is recorded in operating income.
This compensation expense has been included in non-operating income (expense), less net income (loss) attributable to NCI, as adjusted, to offset returns on investments set aside for these plans, which are reported in non-operating income (expense), GAAP basis.
## Table 3 ##
(1) Net of net income (loss) attributable to non-controlling interests.
Management believes that non-operating income (expense), less net income (loss) attributable to NCI, as adjusted, provides for comparability of this information to prior periods and is an effective measure for reviewing BlackRock’s non-operating contribution to its results.
As compensation expense associated with (appreciation)/depreciation on investments related to certain deferred compensation plans, which is included in operating income, offsets the gain/(loss) on the investments set aside for these plans, management believes that non-operating income (expense), less net income (loss) attributable to NCI, as adjusted, provides a useful measure, for both management and investors, of BlackRock’s non-operating results that impact book value.
.
Loss on Early Extinguishment of Debt: During the fourth quarter of 2014, UST redeemed in full its $300 million (aggregate principal amount) 5.75% senior notes due 2018.
In addition, during the fourth quarter of 2013 and the third quarter of 2012, Altria Group, Inc.  completed debt tender offers to purchase for cash certain of its senior unsecured notes in aggregate principal amounts of $2.1 billion and $2.0 billion, respectively.
As a result of the UST debt redemption and the Altria Group, Inc.  debt tender offers, pre-tax losses on early extinguishment of debt were recorded as follows:

<table><tr><td>  <i>(Dollar amounts in millions)</i> </td><td> Quoted Prices in Active Markets for Identical Assets (Level 1)</td><td> Significant Other Observable Inputs (Level 2)</td><td> Significant Unobservable Inputs  (Level 3)</td><td> December 31, 2010</td></tr><tr><td> Liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings of consolidated VIEs</td><td>$—</td><td>$—</td><td>$1,278</td><td>$1,278</td></tr><tr><td>Collateral liability under securities lending agreements</td><td>15,237</td><td>2,401</td><td>—</td><td>17,638</td></tr><tr><td>Other liabilities<sup>-1</sup></td><td>—</td><td>3</td><td>—</td><td>3</td></tr><tr><td> Total liabilities measured at fair value</td><td>$15,237</td><td>$2,404</td><td>$1,278</td><td>$18,919</td></tr></table>
<table><tr><td></td><td colspan="3"> Assets and liabilities measured at fair value</td><td></td><td></td></tr><tr><td>  <i>(Dollar amounts in millions)</i> </td><td> Quoted Prices in Active Markets for Identical Assets (Level 1)</td><td> Significant Other Observable Inputs (Level 2)</td><td> Significant Unobservable Inputs  (Level 3)</td><td> Other Assets Not Heldat  Fair Value<sup>-1</sup></td><td> December 31, 2009</td></tr><tr><td> Assets:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Available-for-sale</td><td>$53</td><td>$20</td><td>$—</td><td>$—</td><td>$73</td></tr><tr><td>Held-to-maturity</td><td>—</td><td>—</td><td>—</td><td>29</td><td>29</td></tr><tr><td>Trading</td><td>118</td><td>49</td><td>—</td><td>—</td><td>167</td></tr><tr><td>Other investments:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Consolidated sponsored investment funds</td><td>22</td><td>—</td><td>338</td><td>—</td><td>360</td></tr><tr><td>Equity method</td><td>—</td><td>1</td><td>330</td><td>41</td><td>372</td></tr><tr><td>Deferred compensation plan hedge fund equity method investments</td><td>—</td><td>14</td><td>15</td><td>—</td><td>29</td></tr><tr><td>Carried interest</td><td>—</td><td>—</td><td>—</td><td>4</td><td>4</td></tr><tr><td>Cost method investments</td><td>—</td><td>—</td><td>—</td><td>15</td><td>15</td></tr><tr><td>Total investments</td><td>193</td><td>84</td><td>683</td><td>89</td><td>1,049</td></tr><tr><td>Separate account assets</td><td>99,983</td><td>17,599</td><td>1,292</td><td>755</td><td>119,629</td></tr><tr><td>Collateral held under securities lending agreements</td><td>11,580</td><td>7,755</td><td>—</td><td>—</td><td>19,335</td></tr><tr><td>Other assets<sup>-2</sup></td><td>—</td><td>11</td><td>46</td><td>—</td><td>57</td></tr><tr><td>Total</td><td>$111,756</td><td>$25,449</td><td>$2,021</td><td>$844</td><td>$140,070</td></tr><tr><td> Liabilities:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Collateral liability under securities lending agreements</td><td>$11,580</td><td>$7,755</td><td>$—</td><td>$—</td><td>$19,335</td></tr></table>
<table><tr><td><i>(Dollar amounts in millions)</i></td><td>Quoted Prices  inActive  Marketsfor  Identical Assets  (Level 1)</td><td>Significant Other Observable Inputs (Level 2)</td><td>December 31, 2010</td></tr><tr><td>Cash and cash equivalents</td><td>$9</td><td>$—</td><td>$9</td></tr><tr><td>Equity securities</td><td>4</td><td>—</td><td>4</td></tr><tr><td>Fixed income securities</td><td>—</td><td>3</td><td>3</td></tr><tr><td>Fair value of plan assets</td><td>$13</td><td>$3</td><td>$16</td></tr></table>
<table><tr><td></td><td>Yearended December 31,</td></tr><tr><td><i>(Dollar amounts in millions)</i></td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>Non-operating income (expense), GAAP basis</td><td>$23</td><td>$-6</td><td>$-577</td></tr><tr><td>Less: Net income (loss) attributable to NCI</td><td>-13</td><td>22</td><td>-155</td></tr><tr><td>Non-operating income (expense)<sup>(1)</sup></td><td>36</td><td>-28</td><td>-422</td></tr><tr><td>Compensation expense related to (appreciation)/depreciation on deferred compensation plans</td><td>-11</td><td>-18</td><td>38</td></tr><tr><td>Non-operating income (expense), less net income (loss) attributable to NCI, as adjusted</td><td>$25</td><td>$-46</td><td>$-384</td></tr></table>

Question: what is the percentage change in expenses related to personal pension plan from 2008 to 2009?
Answer: -0.1875