XML 34 R17.htm IDEA: XBRL DOCUMENT v3.6.0.2
Pension Benefits
12 Months Ended
Dec. 25, 2016
Compensation and Retirement Disclosure [Abstract]  
Pension Benefits
Pension Benefits
Single-Employer Plans
We sponsor several single-employer defined benefit pension plans, the majority of which have been frozen. We also participate in two joint Company and Guild-sponsored plans covering employees who are members of The News Guild of New York, including The Newspaper Guild of New York - The New York Times Pension Fund, which was frozen in 2012, and replaced by The Guild-Times Adjustable Pension Plan.
We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation.
Net Periodic Pension Cost
The components of net periodic pension cost were as follows:
 
 
December 25, 2016
 
December 27, 2015
 
December 28, 2014
(In thousands)
 
Qualified
Plans
Non-
Qualified
Plans
All
Plans
 
Qualified
Plans
Non-
Qualified
Plans
All
Plans
 
Qualified
Plans
Non-
Qualified
Plans
All
Plans
Service cost
 
$
8,991

$
143

$
9,134

 
$
11,932

$
157

$
12,089

 
$
9,543

$
184

$
9,727

Interest cost
 
66,293

8,172

74,465

 
74,536

10,060

84,596

 
84,447

10,450

94,897

Expected return on plan assets
 
(111,159
)

(111,159
)
 
(115,261
)

(115,261
)
 
(113,839
)

(113,839
)
Amortization and other costs
 
28,274

4,184

32,458

 
36,442

5,081

41,523

 
26,620

4,718

31,338

Amortization of prior service (credit)/cost
 
(1,945
)

(1,945
)
 
(1,945
)

(1,945
)
 
(1,945
)

(1,945
)
Effect of settlement/curtailment
 
21,294

(1,599
)
19,695

 
40,329


40,329

 

9,525

9,525

Net periodic pension cost
 
$
11,748

$
10,900

$
22,648

 
$
46,033

$
15,298

$
61,331

 
$
4,826

$
24,877

$
29,703


As part of our strategy to reduce the size and volatility of our pension obligations, we have offered lump-sum payments to certain former employees participating in both our qualified and non-qualified pension plans. In the fourth quarter of 2016, we recorded a pension settlement charge of $21.3 million in connection with a lump-sum payment offer made to certain former employees who participated in certain qualified pension plans. These lump-sum payments totaled $49.5 million and were made with cash from the qualified pension plans, not with Company cash. The effect of this lump-sum payment offer was to reduce our pension obligations by $52.2 million. In addition, we recorded a $1.6 million curtailment related to the streamlining of the Company’s international print operations. See Note 7 for more information on the streamlining of the Company’s international print operations.
In the first quarter of 2015, we recorded a pension settlement charge of $40.3 million in connection with a lump-sum payment offer made to certain former employees who participated in certain qualified pension plans. These lump-sum payments totaled $98.3 million and were made with cash from the qualified pension plans, not with Company cash. The effect of this lump-sum payment offer was to reduce our pension obligations by $142.8 million.
In the second quarter of 2014, we recorded a pension settlement charge of $9.5 million in connection with a lump-sum payment offer made to certain former employees who participated in certain non-qualified pension plans. These lump-sum payments totaled $24.0 million and were paid out of Company cash. The effect of this lump-sum payment offer was to reduce our pension obligations by $32.0 million.
Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows:
(In thousands)
 
December 25,
2016

 
December 27,
2015

 
December 28,
2014

Net actuarial (gain)/loss
 
$
(4,289
)
 
$
31,044

 
$
254,525

Amortization of loss
 
(32,458
)
 
(41,523
)
 
(30,665
)
Amortization of prior service cost
 
1,945

 
1,945

 
1,945

Effect of curtailment
 

 
(1,264
)
 

Effect of settlement
 
(21,294
)
 
(40,329
)
 
(9,525
)
Total recognized in other comprehensive (income)/loss
 
(56,096
)
 
(50,127
)
 
216,280

Net periodic pension cost
 
22,648

 
61,331

 
29,703

Total recognized in net periodic benefit cost and other comprehensive (income)/loss
 
$
(33,448
)
 
$
11,204

 
$
245,983


The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year is approximately $34 million and $2 million, respectively.
In the fourth quarter of 2015, the Company’s ERISA Management Committee made a decision to freeze the accrual of benefits under the Retirement Annuity Plan For Craft Employees of The New York Times Companies with respect to all participants covered by a collective bargaining agreement between the Company and The New York Newspaper Printing Pressmen’s Union No. 2N/1SE, effective as of the close of business on December 31, 2015. As a result, we recorded a curtailment of $1.3 million in 2015.
The amount of cost recognized for defined contribution benefit plans was approximately $15 million for 2016, $16 million for 2015 and $17 million for 2014.
Benefit Obligation and Plan Assets
The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: 
 
 
December 25, 2016
 
December 27, 2015
(In thousands)
 
Qualified
Plans
 
Non-
Qualified
Plans
 
All Plans
 
Qualified
Plans
 
Non-
Qualified
Plans
 
All Plans
Change in benefit obligation
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
 
$
1,851,910

 
$
247,087

 
$
2,098,997

 
$
2,101,573

 
$
267,824

 
$
2,369,397

Service cost
 
8,991

 
143

 
9,134

 
11,932

 
157

 
12,089

Interest cost
 
66,293

 
8,172

 
74,465

 
74,536

 
10,060

 
84,596

Plan participants’ contributions
 
9

 

 
9

 
20

 

 
20

Actuarial loss/(gain)
 
23,994

 
2,695

 
26,689

 
(129,187
)
 
(14,372
)
 
(143,559
)
Curtailments
 

 
(1,599
)
 
(1,599
)
 
(1,264
)
 

 
(1,264
)
Lump-sum settlement paid
 
(48,413
)
 

 
(48,413
)
 
(98,348
)
 

 
(98,348
)
Benefits paid
 
(104,132
)
 
(15,992
)
 
(120,124
)
 
(107,352
)
 
(16,231
)
 
(123,583
)
Effects of change in currency conversion
 

 
(107
)
 
(107
)
 

 
(351
)
 
(351
)
Benefit obligation at end of year
 
1,798,652

 
240,399

 
2,039,051

 
1,851,910

 
247,087

 
2,098,997

Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
1,579,356

 

 
1,579,356

 
1,837,250

 

 
1,837,250

Actual return on plan assets
 
142,137

 

 
142,137

 
(59,342
)
 

 
(59,342
)
Employer contributions
 
7,803

 
15,992

 
23,795

 
7,128

 
16,231

 
23,359

Plan participants’ contributions
 
9

 

 
9

 
20

 

 
20

Lump-sum settlement paid
 
(48,413
)
 

 
(48,413
)
 
(98,348
)
 

 
(98,348
)
Benefits paid
 
(104,132
)
 
(15,992
)
 
(120,124
)
 
(107,352
)
 
(16,231
)
 
(123,583
)
Fair value of plan assets at end of year
 
1,576,760

 

 
1,576,760

 
1,579,356

 

 
1,579,356

Net amount recognized
 
$
(221,892
)
 
$
(240,399
)
 
$
(462,291
)
 
$
(272,554
)
 
$
(247,087
)
 
$
(519,641
)
Amount recognized in the Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
$

 
$
(16,818
)
 
$
(16,818
)
 
$

 
$
(16,043
)
 
$
(16,043
)
Noncurrent liabilities
 
(221,892
)
 
(223,581
)
 
(445,473
)
 
(272,554
)
 
(231,044
)
 
(503,598
)
Net amount recognized
 
$
(221,892
)
 
$
(240,399
)
 
$
(462,291
)
 
$
(272,554
)
 
$
(247,087
)
 
$
(519,641
)
Amount recognized in accumulated other comprehensive loss
 
 
 
 
 
 
 
 
Actuarial loss
 
$
765,096

 
$
98,855

 
$
863,951

 
$
821,648

 
$
100,344

 
$
921,992

Prior service credit
 
(22,676
)
 

 
(22,676
)
 
(24,621
)
 

 
(24,621
)
Total
 
$
742,420

 
$
98,855

 
$
841,275

 
$
797,027

 
$
100,344

 
$
897,371


The accumulated benefit obligation for all pension plans was $2.0 billion and $2.1 billion as of December 25, 2016 and December 27, 2015, respectively.
Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows:
(In thousands)
 
December 25,
2016

 
December 27,
2015

Projected benefit obligation
 
$
2,039,051

 
$
2,098,997

Accumulated benefit obligation
 
$
2,034,636

 
$
2,092,600

Fair value of plan assets
 
$
1,576,760

 
$
1,579,356


Assumptions
Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows:
 
 
December 25,
2016

 
December 27,
2015

Discount rate
 
4.31
%
 
4.60
%
Rate of increase in compensation levels
 
2.95
%
 
2.96
%
The rate of increase in compensation levels is applicable only for qualified pension plans that have not been frozen.
Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows:
 
 
December 25,
2016

 
December 27,
2015

 
December 28,
2014

Discount rate for determining projected benefit obligation
 
4.60
%
 
4.05
%
 
4.90
%
Discount rate in effect for determining service cost
 
5.78
%
 
4.05
%
 
4.90
%
Discount rate in effect for determining interest cost
 
3.68
%
 
4.05
%
 
4.90
%
Rate of increase in compensation levels
 
2.91
%
 
2.89
%
 
2.87
%
Expected long-term rate of return on assets
 
7.01
%
 
7.01
%
 
7.02
%
Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows:
 
 
December 25,
2016

 
December 27,
2015

Discount rate
 
4.17
%
 
4.40
%
Rate of increase in compensation levels
 
2.50
%
 
2.50
%
The rate of increase in compensation levels is applicable only for the non-qualified pension plans that have not been frozen.
Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows:
 
 
December 25,
2016

 
December 27,
2015

 
December 28,
2014

Discount rate for determining projected benefit obligation
 
4.40
%
 
3.90
%
 
4.60
%
Discount rate in effect for determining interest cost
 
3.44
%
 
3.90
%
 
4.60
%
Rate of increase in compensation levels
 
2.50
%
 
2.50
%
 
2.50
%

We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (i.e., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate.
To determine our discount rate, we project a cash flow based on annual accrued benefits. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve.
In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year, less expense expected to be incurred by the plan during the year.
The market-related value of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years.
In October 2014, the Society of Actuaries (“SOA”) released new mortality tables that increased life expectancy assumptions. During the fourth quarter of 2014, we adopted the new mortality tables and revised the mortality assumptions used in determining our pension and postretirement benefit obligations. The net impact to our qualified and non-qualified pension obligations resulting from the new mortality assumptions in 2014 was an increase of $117.0 million.
In October 2016, the SOA released new mortality tables that decreased life expectancy assumptions. During the fourth quarter of 2016, we adopted the new mortality tables and revised the mortality assumptions used in determining our pension and postretirement benefit obligations. The net impact to our qualified and non-qualified pension obligations resulting from the new mortality assumptions in 2016 was a decrease of $34.7 million.
For fiscal year 2016, we changed the approach used to calculate the service and interest components of net periodic benefit cost for benefit plans to provide a more precise measurement of service and interest costs. Historically, we calculated these service and interest components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. We elected to utilize an approach that discounts the individual expected cash flows using the applicable spot rates derived from the yield curve over the projected cash flow period. The spot rates used to determine service and interest costs ranged from 1.32% to 4.79%. Service costs and interest costs for our pension plans were reduced by approximately $18 million due to the change in methodology.
Plan Assets
Company-Sponsored Pension Plans
The assets underlying the Company-sponsored qualified pension plans are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers.
Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code.
Investment Policy and Strategy
The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities. Our investment objective is to transition the asset mix to hedge liabilities and minimize volatility in the funded status of the plans.
Asset Allocation Guidelines
In accordance with our asset allocation strategy, for substantially all of our Company-sponsored pension plan assets, investments are categorized into long duration fixed income investments whose value is highly correlated to that of the pension plan obligations (“Long Duration Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in our pension plan obligations (“Return-Seeking Assets”).
The proportional allocation of assets between Long Duration Assets and Return-Seeking Assets is dependent on the funded status of each pension plan. Under our policy, for example, a funded status between 95% and 97.5% requires an allocation of total assets of 53% to 63% to Long Duration Assets and 37% to 47% to Return-Seeking Assets. As a plan's funded status increases, the allocation to Long Duration Assets will increase and the allocation to Return-Seeking Assets will decrease.
The following asset allocation guidelines apply to the Return-Seeking Assets:
Asset Category
 
Percentage Range
Public Equity
 
70%
-
90
%
Growth Fixed Income
 
0%
-
15
%
Alternatives
 
0%
-
15
%
Cash
 
0%
-
10
%
The asset allocations of our Company-sponsored pension plans by asset category for both Long Duration and Return-Seeking Assets, as of December 25, 2016, were as follows:
Asset Category
Percentage

Public Equity
45
%
Fixed Income
51
%
Alternatives
3
%
Cash
1
%

The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the pension plan assets.
Fair Value of Plan Assets
The fair value of the assets underlying our Company-sponsored qualified pension plans and The Newspaper Guild of New York - The New York Times Pension Fund by asset category are as follows:
 
 
Fair Value Measurement at December 25, 2016
(In thousands)
 
Quoted Prices
Markets for
Identical Assets
 
Significant
Observable
Inputs
 
Significant
Unobservable
Inputs
 
Investment Measured at Net Asset Value (4)
 
 
Asset Category(1)
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
 
 
Total
Equity Securities:
 
 
 
 
 
 
 
 
 
 
U.S. Equities
 
$
61,327

 
$

 
$

 
$

 
$
61,327

International Equities
 
48,494

 

 

 

 
48,494

Mutual Funds
 
49,869

 

 

 

 
49,869

Registered Investment Companies
 
30,870

 

 

 

 
30,870

Common/Collective Funds(2)
 

 

 

 
701,577

 
701,577

Fixed Income Securities:
 
 
 
 
 
 
 

 
 
Corporate Bonds
 

 
376,289

 

 

 
376,289

U.S. Treasury and Other Government Securities
 

 
128,179

 

 

 
128,179

Group Annuity Contract
 

 

 

 
54,872

 
54,872

Municipal and Provincial Bonds
 

 
33,115

 

 

 
33,115

Government Sponsored Enterprises(3)
 

 
7,227

 

 

 
7,227

Other
 

 
4,486

 

 

 
4,486

Cash and Cash Equivalents
 

 

 

 
22,829

 
22,829

Private Equity
 

 

 

 
24,931

 
24,931

Hedge Fund
 

 

 

 
31,939

 
31,939

Assets at Fair Value
 
190,560

 
549,296

 

 
836,148

 
1,576,004

Other Assets
 


 


 


 


 
756

Total
 
$
190,560

 
$
549,296

 
$

 
$
836,148

 
$
1,576,760

(1)
Includes the assets of The Guild-Times Adjustable Pension Plan and the Retirement Annuity Plan which are not part of the Master Trust.
(2)
The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value (“NAV”) of the underlying funds.
(3)
Represents investments that are not backed by the full faith and credit of the United States government.
(4)
Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy.
 
 
Fair Value Measurement at December 27, 2015
(In thousands)
 
Quoted Prices
Markets for
Identical Assets
 
Significant
Observable
Inputs
 
Significant
Unobservable
Inputs
 
Investment Measured at Net Asset Value (4)
 
 
Asset Category(1)
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
 
 
Total
Equity Securities:
 
 
 
 
 
 
 
 
 
 
U.S. Equities
 
$
47,136

 
$

 
$

 
$

 
$
47,136

International Equities
 
48,834

 

 

 

 
48,834

Mutual Funds
 
52,861

 

 

 

 
52,861

Registered Investment Companies
 
20,971

 

 

 

 
20,971

Common/Collective Funds(2)
 

 

 

 
687,980

 
687,980

Fixed Income Securities:
 
 
 
 
 
 
 
 
 
 
Corporate Bonds
 

 
417,554

 

 

 
417,554

U.S. Treasury and Other Government Securities
 

 
119,098

 

 

 
119,098

Group Annuity Contract

 

 

 
56,275

 
56,275

Municipal and Provincial Bonds
 

 
36,912

 

 

 
36,912

Government Sponsored Enterprises(3)
 

 
6,250

 

 

 
6,250

Other
 

 
11,511

 

 

 
11,511

Cash and Cash Equivalents
 

 

 

 
12,255

 
12,255

Private Equity
 

 

 

 
29,707

 
29,707

Hedge Fund
 

 

 

 
31,243

 
31,243

Assets at Fair Value
 
169,802

 
591,325

 

 
817,460

 
1,578,587

Other Assets
 


 


 


 


 
769

Total
$
169,802

 
$
591,325

 
$

 
$
817,460

 
$
1,579,356

(1)
Includes the assets of The Guild-Times Adjustable Pension Plan and the Retirement Annuity Plan which are not part of the Master Trust.
(2)
The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value (“NAV”) of the underlying funds.
(3)
Represents investments that are not backed by the full faith and credit of the United States government.
(4)
Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy.
Level 1 and Level 2 Investments
Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities.
For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments.
Cash Flows
In August 2014, the Highway and Transportation Funding Act of 2014 was enacted. The legislation extended interest rate stabilization for single-employer defined benefit pension plan funding for an additional five years. In 2016, we made contributions to qualified pension plans of $7.8 million. We expect contributions to total approximately $9 million to satisfy minimum funding requirements in 2017.
The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid:
 
 
Plans
 
 
(In thousands)
 
Qualified
 
Non-
Qualified
 
Total
2017
 
$
104,974

 
$
17,136

 
$
122,110

2018
 
105,560

 
17,121

 
122,681

2019
 
106,665

 
16,998

 
123,663

2020
 
107,636

 
16,738

 
124,374

2021
 
108,888

 
16,599

 
125,487

2022-2026(1)
 
561,671

 
79,433

 
641,104

(1)
While benefit payments under these plans are expected to continue beyond 2026, we have presented in this table only those benefit payments estimated over the next 10 years.
Multiemployer Plans
We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. In recent years, certain events, such as amendments to various collective bargaining agreements and the sale of the New England Media Group, resulted in withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded vested benefits. In 2016 and 2015, we recorded $6.7 million and $9.1 million in charges for partial withdrawal obligations under multiemployer pension plans, respectively. There was no such charge in 2014.
Our multiemployer pension plan withdrawal liability was approximately $113 million as of December 25, 2016 and approximately $124 million as of December 27, 2015. The decrease was due to the settlement of various withdrawal liabilities in 2016. This liability represents the present value of the obligations related to complete and partial withdrawals that have already occurred as well as an estimate of future partial withdrawals that we considered probable and reasonably estimable. For those plans that have yet to provide us with a demand letter, the actual liability will not be fully known until they complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates.
The risks of participating in multiemployer plans are different from single-employer plans in the following aspects:
Assets contributed to the multiemployer 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 elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in contribution base units or a partial cessation of our obligation to contribute, we may be assessed a withdrawal liability based on a calculated share of the underfunded status of the plan.
If a multiemployer plan from which we have withdrawn subsequently experiences a mass withdrawal, we may be required to make additional contributions under applicable law.
Our participation in significant plans for the fiscal period ended December 25, 2016, 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 we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years.  A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. 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 are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject.
 
EIN/Pension Plan Number
 Pension Protection Act Zone Status
FIP/RP Status Pending/Implemented
(In thousands) Contributions of the Company
Surcharge Imposed
 Collective Bargaining Agreement Expiration Date
Pension Fund
2016
2015
2016
2015
2014
CWA/ITU Negotiated Pension Plan
13-6212879-001
Critical and Declining as of 1/01/16
Critical as of 1/01/15
Implemented
$
486

$
543

$
611

 No
(1) 
Newspaper and Mail Deliverers’-Publishers’ Pension Fund
13-6122251-001
Green as of 6/01/16
Green as of 6/01/15
N/A
1,040

1,038

1,102

 No
3/30/2020(2)
GCIU-Employer Retirement Benefit Plan
91-6024903-001
Critical and Declining as of 1/01/16
Critical and Declining as of 1/01/15
Implemented
43

57

58

Yes
3/30/2021(3)
Pressmen’s Publishers’ Pension Fund
13-6121627-001
Green as of 4/01/16
Green as of 4/01/15
N/A
1,001

1,033

1,097

 No
3/30/2021(4)
Paper-Handlers’-Publishers’ Pension Fund
13-6104795-001
Critical and Declining as of 4/01/16
Critical and Declining as of 4/01/15
Pending
100

97

103

Yes
3/30/2021(5)
Contributions for individually significant plans
 
 
$
2,670

$
2,768

$
2,971

 
 
Total Contributions
 
 
$
2,670

$
2,768

$
2,971

 
 
(1)
There are two collective bargaining agreements requiring contributions to this plan, Mailers expire March 30, 2019 and Typographers expired March 30, 2016.
(2)
Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRS Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRS Section 431(b)(8)(B)).
(3)
We previously had two collective bargaining agreements requiring contributions to this plan. With the sale of the New England Media Group only one collective bargaining agreement remains for the Stereotypers, which expires March 30, 2021. The method for calculating actuarial value of assets was changed retroactive to January 1, 2009, as elected by the Board of Trustees and as permitted by IRS Notice 2010-83. This election includes smoothing 2008 investment losses over ten years.
(4)
The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These included extended amortization under the prospective method and 10-year smoothing of the asset loss for the plan year beginning April 1, 2008.
(5)
Board of Trustees elected funding relief. This election includes smoothing the March 31, 2009 investment losses over 10 years.
The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008 through August 31, 2009.
The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years:
Pension Fund
Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of Plan’s Year-End)
CWA/ITU Negotiated Pension Plan
12/31/2015 & 12/31/2014(1)
Newspaper and Mail Deliverers’-Publishers’ Pension Fund
5/31/2015 & 5/31/2014(1)
Pressmen’s Publisher’s Pension Fund
3/31/2016 & 3/31/2015
Paper-Handlers’-Publishers’ Pension Fund
3/31/2016 & 3/31/2015
(1) Forms 5500 for the plans’ year ended of 12/31/16 and 5/31/16 were not available as of the date we filed our financial statements.
The Company received a notice and demand for payment of withdrawal liability from the Newspaper and Mail Deliverers’-Publishers’ Pension Fund in September 2013 and December 2014 associated with partial withdrawals. See Note 18 for further information.