Employee Retirement Plans

12 Months Ended

Dec. 29, 2023

Retirement Benefits [Abstract]

Employee Retirement Plans

Note 11. Employee Retirement Plans

Defined Contribution Profit Sharing Plan

The Company sponsors a defined contribution profit sharing plan covering substantially all non-union persons employed by the Company, whereby employees may contribute a percentage of compensation, limited to maximum allowed amounts under the Internal Revenue Code.

The Company made matching contributions of $2 million for each of the fiscal years ended December 29, 2023 and December 30, 2022.

Multiemployer Pension Plans

The Company participates in construction-industry multiemployer pension plans. Generally, the plans provide defined benefits to substantially all employees covered by collective bargaining agreements. Under the Employee Retirement Income Security Act, a contributor to a multiemployer plan is liable, upon termination or withdrawal from a plan, for its proportionate share of a plan’s unfunded vested liability. The Company’s aggregate contributions to these multiemployer plans were $15 million and $17 million for the fiscal years ended December 29, 2023 and December 30, 2022, respectively.

Our participation in significant plans for the fiscal years ended December 29, 2023 and December 30, 2022 is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three digit plan number. The zone status is based on the latest information that the Company received from the plan and is certified by the plan’s actuary. Plans in the red zone are generally less than 65% funded, plans in the yellow zone are generally less than 80% funded, and plans in the green zone are generally 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 “Surcharge Imposed” column includes plans in a red zone status that require a payment of a surcharge in excess of regular contributions.

		Pension Protection Act Zone Status			Company Contributions Fiscal Year Ended (in thousands)
Pension Fund	EIN/Pension Plan Number	2023	2022	FIP/RP Status Pending or Implemented	December 29, 2023		December 30, 2022		Surcharge Imposed
Pension Trust Fund for the Operating Engineers	94-6090764	Green	Yellow	NA	$	1,852	$	1,857	No
Tri-State Carpenters & Joiners Pension Trust Fund	62-0976048	Described below (1)	Yellow	NA		1,722		1,818	No
Carpenters Pension Trust Fund for Northern California	94-6050970	Red	Red	Implemented		1,454		1,613	No
California Ironworkers Field Pension Fund	95-6042866	Green	Green	NA		1,112		1,931	No
Laborers Pension Trust Fund for Northern California	94-6277608	Green	Green	NA		1,366		1,389	No
Central Pension Fund of the IUOE & Participating Employers	36-6052390	Described below (1)	Green	NA		1,006		949	No
Ironworkers District Council of TN Valley & Vicinity Welfare Pension Plans	62-6098036	Described below (1)	Green	NA		882		839	No
Operating Engineers Trust Fund	95-6032478	Described below (1)	Green	NA		823		986	No
Southwest Carpenters Pension Fund	95-6042875	Green	Green	NA		619		651	No
San Diego County Construction Laborers Pension Trust Fund	95-6090541	Green	Green	NA		580		343	No
Construction Laborers Pension Trust for Southern California	43-6159056	Described below (1)	Green	NA		566		1,060	No
Southern California IBEW-NECA Pension Trust Fund	95-6392774	Described below (1)	Yellow	NA		497		703	No
IBEW Local 595 Pension Plan	94-6279541	Described below (1)	Green	NA		297		503	No
San Diego Electrical Pension Plan	95-6101801	Described below (1)	Green	NA		268		148	No
San Diego County Cement Masons Pension Plan	95-6267660	Described below (1)	Yellow	NA		209		92	No
Northern California Pipe Trades Pension Plan	94-3190386	Described below (1)	Green	NA		77		441	No
		Contributions to other multiemployer plans				1,324		1,355
			Total contributions made		$	14,654	$	16,678

(1) For the plans noted above, we have not received a funding notification that covers the fiscal year presented during the preparation of the financial statements. Under Federal pension law, if a multiemployer pension plan is determined to be in critical or endangered status, the plan must provide notice of this status to participants, beneficiaries, the bargaining parties, the Pension Benefit Guaranty Corporation, and the Department of Labor. The Company has also observed that these plans have not submitted any Critical or Endangered Status Notices to the Department of Labor for calendar years that the Company has not received notification. The Critical or Endangered Status Notices can be accessed at https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/public-disclosure/critical-status-notices

The Company is not aware of any significant future obligations or funding requirements related to these plans other than the ongoing contributions that are paid as hours are worked by plan participants.