Annual report [Section 13 and 15(d), not S-K Item 405]

Employee Retirement Plans

v3.25.0.1
Employee Retirement Plans
12 Months Ended
Dec. 31, 2024
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 38 active 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,

    

2024

    

2023

    

2022

Defined contribution plans

$

19,054

$

18,710

$

17,946

Multi-employer plans

11,198

12,475

12,788

$

30,252

$

31,185

$

30,734

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 second largest multi-employer plan expense and is in the red zone.  The NTC collective bargaining agreement expires on June 30, 2027.  The NCT has implemented a funding rehabilitation plan in accordance with government requirements.  Our contributions to NCT have not exceeded 1.5 percent of the total annual contributions to the plan.

Employer

Identification

PPA Zone Status

Funding Plan

Contributions (in thousands)

Surcharge

Pension Fund

Number/Plan Number

2024

2023

Pending / Implemented

2024

2023

2022

Imposed

NCT

94-6050970/001

Red

Red

Yes

$2,617

$2,821

$3,008

No