EMPLOYEE SAVINGS PLANS AND MULTI-EMPLOYER PENSION PLANS

12 Months Ended

Dec. 31, 2019

EMPLOYEE SAVINGS PLANS AND MULTI-EMPLOYER PENSION PLANS

Employee Savings Plans

We maintain a defined contribution 401(k) profit sharing plan for employees meeting various employment requirements. Eligible employees may contribute amounts up to the lesser of 60% of their annual compensation or the maximum amount Internal Revenue Service (“IRS”) regulations permit. We match 100% of the first 5% of pay contributed by the employee. Matching contributions vest immediately. The match was $6.0 million in 2019, $5.9 million in 2018 and $4.8 million in 2017, and was predominantly included in selling, general and administrative expenses in the consolidated statements of operations.

We also maintain a non-qualified contribution retirement plan (“Non-Qualified Savings Plan”) covering highly compensated employees, as defined in the plan. This plan allows eligible employees to defer receipt of up to 75% of their base compensation and 75% of their annual bonus. We do not match contributions to this plan.

Contributions under both plans may be invested in various investment funds at the employee's discretion. Such contributions, including the Company's matching contributions described above, may not be invested in the Company's common stock.

At inception of the Non-Qualified Savings Plan, the Company established a rabbi trust to fund the plan's obligations. The market value of the trust assets for the Non-Qualified Savings Plan was $2.1 million as of December 31, 2019 and $2.6 million as of December 31, 2018 and was included in other assets in our consolidated balance sheets. The related liability to the participants is included in other long-term obligations and deferred credits in our consolidated balance sheets.

Multi-Employer Pension Plans

Several of our subsidiaries are parties to various collective bargaining agreements with labor unions having multi-year terms that expire on a staggered basis. As of December 31, 2019, 1,079 of our employees, or 34.0% of our workforce, were represented by labor unions having collective bargaining agreements with us. As of December 31, 2019, 432 of our employees, or 13.6% of our workforce, were represented by labor unions having collective bargaining agreements that will expire within one year.

Under these agreements, our applicable subsidiaries pay specified wages to covered employees, observe designated workplace rules and make payments to multi-employer pension plans and employee benefit trusts rather than administering the funds on behalf of these employees. The risks of participating in these multi-employer pension plans are different from single-employer plans. Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. If we choose to stop participating in some of these multi-employer plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. We were not required to record a liability in 2019 or 2018 for full or partial withdrawals from any multi-employer pension plans. For additional information regarding our potential future obligations, see Note 17.

The required disclosures and our participation in significant multi-employer pension plans are presented in the table below. The EIN/Pension Plan Number column provides the Employer Identification Number (“EIN”) and the three-digit plan number, if applicable. The Pension Protection Act zone status is based on information available from the plan or the plan’s public filings. Among other factors, plans in the red zone are generally less than 65% funded, plans in the orange or yellow zones are less than 80% funded, and plans in the green zone are at least 80% funded. The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The final column lists the expiration date(s) of the collective-bargaining agreements to which the plans are subject.

Pension Fund

EIN/PPN

Pension
Protection Act
Zone Status

FIP/RP
Status
Pending/
Implemented

Contributions
(in millions)

Surcharge
Imposed

Expiration
Date of
Collective
Bargaining
Agreement

2019

2018

2019

2018

2017

Western Conference of Teamsters Pension Plan

91-6145047/001

Green

6.2

5.9

5.3

6/30/2020 to 8/27/2023

Local 282 Pension Trust Fund

11-6245313/001

Green

4.3

4.4

4.8

6/30/2020 to 6/30/2024

Pension Trust Fund For Operating Engineers

94-6090764/001

Orange

Red

1.2

1.1

6/30/2021

Trucking Employees of North Jersey Pension Fund

22-6063702/001

Red

Yes

0.7

0.6

0.7

4/30/2023

Other ⁽¹⁾

Various

2.1

2.0

1.9

4/30/2018 to
7/31/2024

Total

14.5

14.1

13.8


(1)	We were actively negotiating the Collective Bargaining Agreement for two of these plans as of December 31, 2019.

At the date these consolidated financial statements were issued, Forms 5500 were generally not available for the 2019 plan year. Based on the most recent Forms 5500 available for each multi-employer pension plan, our 2018 and 2017 contributions for the Local 282 Pension Trust Fund and the Trucking Employees of North Jersey Pension Fund represented more than 5% of total contributions.