Annual report pursuant to Section 13 and 15(d)

Employee Retirement Plans

v3.22.0.1
Employee Retirement Plans
12 Months Ended
Dec. 31, 2021
Employee Retirement Plans  
Employee Retirement Plans

10.  EMPLOYEE RETIREMENT PLANS

We provide a defined-contribution retirement plan for substantially all employees.  In addition, we participate in 47 regional multi-employer pension plans, principally related to building trades; none of the plans are considered material.

The expense related to our participation in the retirement plans was as follows, in thousands:

Years Ended December 31,

    

2021

    

2020

    

2019

Defined contribution plans

$

12,192

$

10,251

$

10,015

Multi-employer plans

12,308

11,754

13,241

$

24,500

$

22,005

$

23,256

The Pension Protection Act (“PPA”) defines a zone status for multi-employer pension plans.  Plans in the green zone are at least 80 percent funded, plans in the yellow zone are at least 65 percent funded and plans in the red zone are generally less than 65 percent funded.  

We participate in the Carpenters Pension Trust Fund for Northern California (“NCT”), which is our third largest multi-employer plan expense and is in the red zone.  The NCT has implemented a funding rehabilitation plan in accordance with government requirements.  Our contributions to NCT have not exceeded 1 percent of the total contributions to the plan.

Employer

Identification

PPA Zone Status

Funding Plan

Contributions (in thousands)

Surcharge

Pension Fund

Number/Plan Number

2021

2020

Pending / Implemented

2021

2020

2019

Imposed

NCT

94-6050970/001

Red

Red

Yes

$2,326

$2,710

$3,810

No