EMPLOYEE RETIREMENT SAVINGS PLAN

12 Months Ended

Dec. 28, 2019

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 2019, 2018 and 2017 Company contributions to these plans amounted to approximately $12,600, $12,300 and $11,800 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 $36,290 and $37,516 at December 28, 2019 and December 29, 2018, 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 $8,335 and $2,352 at December 28, 2019 and December 29, 2018, respectively. All distributions were made in cash.