Quarterly report pursuant to Section 13 or 15(d)

RETIREMENT PLANS

v3.19.3
RETIREMENT PLANS
6 Months Ended
Sep. 30, 2019
Retirement Benefits [Abstract]  
RETIREMENT PLANS

NOTE 10 – RETIREMENT PLANS

 

        The Company, through Lineal, contributes to a multi-employer defined benefit pension plan under the terms of a collective-bargaining agreement that cover certain union-represented employees. Currently, the Company has no intention to withdraw from the plan. The risks of participating in a multi-employer plan are different from single-employer plans in the following aspects:

 

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

 

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

 

  c. If a participating employer chooses to stop participating in a multiemployer plan, the employer may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

 

The Company receives an annual report disclosing the performance of the multiemployer plan and its ability to meet its benefit requirements based on its performance in the prior year. As of the latest report dated December 31, 2018, the multi-employer plan had adequate assets to pay benefits as they become due. The plan has not provided any updated information in 2019 but the Company is not aware of any significant occurrences since the date of the report that would impact its employees as of September 30, 2019 and March 31, 2019. Additionally, the Company is unable to provide additional quantitative information on the plan because the Company is unable to obtain that information without undue cost and effort.

 

The Employee Retirement Income Security Act of 1974 (“ERISA”), as amended by the Multi-Employer Pension Plan Amendments Act of 1980, imposes certain liabilities upon employers who are contributors to a multiemployer plan in the event of the employer’s withdrawal from, or upon termination of, such plan. The plans do not maintain information on the net assets and actuarial present value of the plans’ unfunded vested benefits allocable to the Company. As such, the amount, if any, for which the Company may be contingently liable, is not ascertainable at this time.

 

The following table contains a summary of plan information relating to the Lineal’s participation in the multiemployer pension plan, including Lineal’s contributions for the last two calendar years, status of the multiemployer plan, and whether the plan is subject to a funding improvement, rehabilitation plan or contribution surcharges.

 

Fund   EIN/ Plan
Number
  PPA
Zone
Status
  Plan Year
End for
Zone
Status
  Subject to
Funding
Improvement/
Rehabilitation
Plan
  2018
Contributions
(in thousands)
    2017
Contributions
(in thousands)
    Sur-charge Imposed   Expiration
Date of
Collective
Bargaining
Agreement
Pennsylvania Heavy and Highway Contractors Pension Fund   23-6531755/ 001   Green (Greater than 80% funded)   12/31/2018   No   $ 1,985     $ 2,085     No   12/31/2021