Annual report pursuant to Section 13 and 15(d)

Employee Retirement Plans

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Employee Retirement Plans
12 Months Ended
Dec. 31, 2019
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 43 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,

    

2019

    

2018

    

2017

Defined contribution plans

$

10,015

$

7,595

$

4,089

Multi-employer plans

13,241

11,224

8,677

$

23,256

$

18,819

$

12,766

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

2019

2018

Pending / Implemented

2019

2018

2017

Imposed

NCT

94-6050970/001

Red

Red

Yes

$3,810

$3,319

$2,319

No