NOTE 14—EMPLOYEE BENEFIT PLANS

Defined Contribution Plan: We maintain a 401(k) plan covering substantially all of our U.S. employees. Expense for our 401(k) plan during the years ended December 31, 2016, 2015 and 2014 was $1.7 million, $2.0 million and $1.4 million, respectively.

Multiemployer Pension Plans: During 2016, we contributed to approximately 60 multiemployer pension plans throughout the U.S. and historically, we have contributed to over 150 union sponsored multiemployer pension plans throughout the U.S. under the terms of collective‑bargaining agreements that cover our union‑represented employees. The risks of participating in these multiemployer pension plans are different from single‑ employer pension plans primarily in the following aspects:

Assets contributed to the multiemployer pension plan by one employer may be used to provide benefits to employees of other participating employers.

If a participating employer stops contributing to the multiemployer pension plan, the unfunded obligations of the multiemployer pension plan may be borne by the remaining participating employers.

If we choose to stop participating in some of our multiemployer pension plans, we may be required to pay those plans an amount based on the underfunded status of the multiemployer pension plan, referred to as a withdrawal liability.

Our participation in these multiemployer pension plans during the year ended December 31, 2016 is outlined in the following table. All information in the tables is as of December 31, of the relevant year, or 2016, unless otherwise stated. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three‑digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status available during 2016 and 2015 is for the plans’ fiscal year‑end as of 2016 and 2015, respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are greater than 65 percent funded and less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The “Rehab Plan 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 last column lists the expiration date of the collective‑bargaining agreement to which the plans are subject.

Certain plans have been aggregated in the “All Others” line in the following table, as the contributions to each of these individual plans are not material.



										Expiration
		Pension								Date of
		Protection Act			Rehab Plan status	($ in thousands)				Collective
	EIN/Pension	Zone Status			Pending/	Contributions by Global Power			Surcharge	Bargaining
Pension Fund	Plan Number	2016	2015	2014	Implemented	2016	2015	2014	Imposed	Agreement	Notes
AFL-AGC Building Trades Pension Fund	63-6055108 001	Green	Green	Green		15	224	135		Varies through 07/31/20	2
Asbestos Workers Local No. 55 Pension Fund	63-0474674 001	0	Green	Endangered		1	125	96		Varies through 07/31/20	2
Boilermaker-Blacksmith National Pension Trust	48-6168020 001	Endangered	Endangered	Endangered	FIP 09/16/2010	1,113	2,729	3,227		Multiple Agreements	1, 5
Bricklayers and Allied Craftworkers Local #2 Albany, NY Pension Fund	14-6075802 001	Green	Green	Green		0	0	2		08/17/16 - Automatic Renewal	1
Carpenters Pension Trust Fund - Detroit & Vicinity	38-6242188 001	Critical	Critical	Critical	Rehab Plan 09/27/08	0	0	13			11
Central New York Laborers Pension Fund	15-6016579 001	Critical	Critical	Critical	Rehab Plan 11/05/10	0	0	224		08/17/16 - Automatic Renewal	1
Central New York Painters & Allied Trades Pension Fund	51-6079700 001	Critical	Critical	Critical	Rehab Plan 10/03/08	1	4	14		08/17/16 - Automatic Renewal	1
Central Pension Fund of the IUOE and Participating Employers	36-6052390 001	Green	Green	Green		143	253	378		Multiple Agreements	5
Central States, Southeast, and Southwest Pension Fund	36-6044243 001	Critical & Declining	Critical & Declining	Critical	Rehab Plan 03/25/08	107	252	248		Multiple Agreements	5
Chicago Painters & Decorators Pension Fund	51-6030238 001	Green	Green	Green		0	0	9		10/02/16 - Automatic Renewal	7
Empire State Carpenters Pension Plan	11-1991772 001	Green	Green	Green		0	8	158		08/17/16 - Automatic Renewal	1
Excavators Union Local 731 Pension Fund	13-1809825 001	Green	Green	Green		273	217	210		06/30/16	10
IBEW Local 1579 Pension Plan	58-1254974 001	Green	Green	Green		459	700	710		Varies through 07/31/20	2
IBEW Local 43 & Electrical Contractors Pension	16-6153389 001	Green	Endangered	Endangered	FIP 05/24/12	0	0	61		08/17/16 - Automatic Renewal	1
IBEW Local Union No. 1392 Pension Fund	35-6244875 001	Green	Green	Green		0	0	0			6
Insulators Local No. 96 Pension Plan	58-6110889 002	Endangered	Endangered	Endangered	FIP 01/01/11	24	170	258		Varies through 07/31/20	2
Iron Workers District Council of Tennessee Valley & Vicinity Pension Plan	62-6098036 001	0	Green	Green		234	261	93		11/30/16 - Automatic Renewal	3
Iron Workers Local No. 16 Pension Fund	52-6148924 001	Critical & Declining	Critical & Declining	Critical	Rehab Plan 03/2012	0	0	0		10/02/16 - Automatic Renewal	9

										Expiration
		Pension								Date of
		Protection Act			Rehab Plan status	($ in thousands)				Collective
	EIN/Pension	Zone Status			Pending/	Contributions by Global Power			Surcharge	Bargaining
Pension Fund	Plan Number	2016	2015	2014	Implemented	2016	2015	2014	Imposed	Agreement	Notes
IUPAT Industry Pension Plan	52-6073909 001	Endangered	Endangered	Endangered	FIP 04/02/09	1,374	1,550	1,438		Multiple Agreements	5
Laborers National Pension Fund	75-1280827 001	Green	Green	Green		466	1,025	1,292		Multiple Agreements	5
Local 73 Retirement Fund	15-6016577 001	Critical	Critical	Critical	Rehab Plan 10/12/10	0	5	276		08/17/16 - Automatic Renewal	1
National Asbestos Workers Pension Plan	52-6038497 001	Critical	Critical	Critical	Rehab Plan 09/30/10	1,548	2,065	1,438		Multiple Agreements	5
National Electrical Benefits Fund	53-0181657 001	Green	Green	Green		365	945	477		Multiple Agreements	5
New York State Teamsters Conference Pension & Retirement Fund	16-6063585 074	Critical & Declining	Critical	Critical	Rehab Plan 05/06/10	0	0	18		08/17/16 - Automatic Renewal	1
Northwest Sheet Metal Workers Pension Trust	91-6061344 001	Green	Green	Green		31	104	30		11/01/16 - Automatic Renewal	4
Plumbers & Pipefitters National Pension Fund	52-6152779 001	Endangered	Endangered	Endangered	FIP 04/2010	496	866	609		Multiple Agreements	5
Plumbers & Steamfitters Local No. 150 Pension Fund	58-6116699 001	Green	Green	Endangered		98	168	415		Varies through 07/31/20	2
Plumbers & Steamfitters Local Union No. 43 Pension Fund	62-6101288 001	Green	Green	Green		295	861	251		11/30/16 - Automatic Renewal	3
Sheet Metal Workers Local No. 177 Pension Fund	62-6093256 001	Green	Green	Green		51	91	69		11/30/16 - Automatic Renewal	3
Sheet Metal Workers' National Pension Fund	52-6112463 001	Endangered	Endangered	Endangered	FIP 03/01/14	232	540	423		Multiple Agreements	5
Southern Ironworkers Pension Plan	59-6227091 001	Green	Green	Green		71	211	244		Varies through 07/31/20	2
Tri-State Carpenters & Joiners Pension Trust Fund	62-0976048 001	Endangered	Endangered	Critical	Rehab Plan 2011	522	1,236	1,146		11/30/16 - Automatic Renewal	3
Pipe Trades Services of MN Pension Plan	41-6131800 001	Green	Green	Green		0	153	0		08/01/16 - Automatic Renewal	8
Upstate New York Engineers Benefit Funds	15-0614642 001	Critical	Critical	Critical	Rehab Plan 06/07/10	0	0	26		08/17/16 - Automatic Renewal	1
Washington State Plumbing & Pipefitting Industry Pension Plan	91-6029141 001	Green	Green	Green		47	251	33		11/01/16 - Automatic Renewal	4
Washington-Idaho Laborers-Employers Pension Trust	91-6123988 001	Green	Green	Green		47	204	41		11/01/16 - Automatic Renewal	4
Washington-Idaho-Montana Carpenters-Employers Retirement Fund	91-6123987 001	Endangered	Endangered	Endangered	FIP 03/05/12	85	524	99		11/01/16 - Automatic Renewal	4
Western States Insulators and Allied Workers Pension	51-0155190 001	Green	Green	Green		22	143	26		11/01/16 - Automatic Renewal	4

All Others						605	534	291
						8,725	16,419	14,478

(1)

We were listed in the multiemployer plan’s Form 5500 as providing more than 5% of total contributions for the plan year ended in 2015.

(2)

Defined Benefit Plans for Unions employed through the Southern Company Power House Maintenance Agreement. The Southern Company PHMA expires July 31, 2020. The individual Union CBA range from 1 to 3 years in duration.

(3)

Defined Benefit Plans for Unions employed through the TVA PMMA and Other Agreements. The TVA Labor Agreements are annual agreements that automatically renew each year.

(4)

Defined Benefit Plans for Unions employed through the GPPMA agreement for Columbia Generating Station. The GPPMA Agreements are annual agreements that automatically renew each year.

(5)

Regional and National Defined Benefit Funds for multiple unions employed under different labor agreements.

(6)

IBEW Local 1392 Pension is listed because Koontz-Wagner is responsible for more than 5.00% of the Funds payments. WPS / WSS do not employ members of Local 1392.

(7)

The reduction in Pension contributions for the Chicago Painters & Decorators Pension is a result of the loss of the Exelon Nuclear contract that included the Braidwood and Dresden Nuclear Plants.

(8)

Defined Benefit Plan for Union employed at Monticello Nuclear Plant through the Excel Contract.

(9)

Defined Benefit Plan for Union employed under GPPMA agreement at Peach Bottom Nuclear Plant.

(10)

Defined Benefit Plan for Union employed at Con Ed sites.

(11)

Defined Benefit Plan for Individual working outside of plan jurisdiction.

(12)

We did not pay a surcharge for any fund last year that was in Critical Status and had not negotiated a preferred schedule. We do pay a surcharge/assessment on some funds under the CBA preferred schedule.

These funds include the National Asbestos Workers Pension, the Southern Ironworkers Pension and the Asbestos Workers Local 55 Pension listed above.

Employees covered by multiemployer pension plans are hired for project‑based building and construction purposes. Our participation level in these plans varies as a result.

We believe that our responsibility for potential withdrawal liabilities associated with participating in multiemployer plans is limited because the building and construction trades exemption should apply to the substantial majority of our plan contributions. However, pursuant to the Pension Protection Act of 2006 and other applicable laws, we are also exposed to other potential liabilities associated with plans that are underfunded. As of December 31, 2016, we had been notified that certain pension plans were in critical funding status. Currently, certain plans are developing, or have developed, a rehabilitation plan that may call for a reduction in participant benefits or an increase in future employer contributions. Therefore, in the future, we could be responsible for potential surcharges, excise taxes and/or additional contributions related to these plans. Additionally, market conditions and the number of participating employers remaining in each plan may result in a reorganization, insolvency or mass withdrawal that could materially affect the funded status of multiemployer plans and our potential withdrawal liability, if applicable. We continue to actively monitor, assess and take steps to limit our potential exposure to any surcharges, excise taxes, additional contributions and/or withdrawal liabilities. However, we cannot, at this time, estimate the full amount, or even the range, of this potential exposure.