EMPLOYEE RETIREMENT SAVINGS PLAN

12 Months Ended

Dec. 29, 2018

Retirement Benefits [Abstract]

EMPLOYEE RETIREMENT SAVINGS PLAN

14) EMPLOYEE RETIREMENT SAVINGS PLAN

Established under Internal Revenue Code Section 401(k), the Valmont Employee Retirement Savings Plan (“VERSP”) is a defined contribution plan available to all eligible employees. Participants can elect to contribute up to 50% of annual pay, on a pretax and/or after-tax basis. The Company also makes contributions to the Plan and a non-qualified deferred compensation plan for certain Company executives. The 2018, 2017 and 2016 Company contributions to these plans amounted to approximately $12,300, $11,800 and $10,900 respectively.

The Company sponsors a fully‑funded, non-qualified deferred compensation plan for certain Company executives who otherwise would be limited in receiving company contributions into VERSP under Internal Revenue Service regulations. The invested assets and related liabilities of these participants were approximately $37,516 and $39,091 at December 29, 2018 and December 30, 2017, respectively. Such amounts are included in “Other assets” and “Deferred compensation” on the Consolidated Balance Sheets. Amounts distributed from the Company’s non-qualified deferred compensation plan to participants under the transition rules of section 409A of the Internal Revenue Code were approximately $2,352 and $2,672 at December 29, 2018 and December 30, 2017, respectively. All distributions were made in cash.