9.  EMPLOYEE RETIREMENT PLANS

 

We provide a defined-contribution retirement plan for substantially all employees.  In addition, we participate in 37 regional multi‑employer pension plans, principally related to building trades; none of the plans are considered material.

 

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 is 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: 

 

 

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.