Annual report pursuant to Section 13 and 15(d)

Employee Retirement Plans

v3.6.0.2
Employee Retirement Plans
12 Months Ended
Dec. 31, 2016
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 21 regional multi‑employer pension plans, principally related to building trades; none of the plans are considered significant.

 

Prior to the Separation, Masco provided defined-benefit pension plans to certain TopBuild employees.  The TopBuild liability associated with these plans is not reflected in our balance sheet as this obligation will be maintained and serviced by Masco; all future benefit accruals were frozen effective January 1, 2010.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

    

2016

    

2015

    

2014

Defined contribution plans

 

$

3,950

 

$

3,451

 

$

2,983

Multi-employer plans

 

 

6,593

 

 

5,829

 

 

4,514

 

 

$

10,543

 

$

9,280

 

$

7,497

 

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 largest multi‑employer plan expense and is in the red zone.  The NCT has implemented a funding or 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

 

2016

 

2015

 

Pending / Implemented

 

2016

 

2015

 

2014

 

Imposed

NCT

 

94-6050970/001

 

Red

 

Red

 

Yes

 

$
1,926

 

$
1,730

 

$
1,479

 

No