Annual report pursuant to Section 13 and 15(d)

Employee Retirement Plans

v3.20.4
Employee Retirement Plans
 12 Months Ended
Dec. 31, 2020
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 44 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,

​

    

2020

    

2019

    

2018

Defined contribution plans

​

$

10,251

​

$

10,015

​

$

7,595

Multi-employer plans

​

​

11,754

​

​

13,241

​

​

11,224

​

​

$

22,005

​

$

23,256

​

$

18,819

​

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 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

​

2020

​

2019

​

Pending / Implemented

​

2020

​

2019

​

2018

​

Imposed

NCT

​

94-6050970/001

​

Red

​

Red

​

Yes

​

$2,710

​

$3,810

​

$3,319

​

No

​