8. EMPLOYEE BENEFIT PLANS

Defined Contribution Plans—The Company sponsors a qualified defined contribution plan covering substantially all its employees. The plan provides for Company matching contributions based upon a percentage of the employee’s voluntary contributions. The Company reinstated the matching contributions in July 2016, which had been suspended since 2009. The Company’s matching contribution were $1.6 million and $0.6 million for the years ended December 31, 2017 and December 31, 2016, respectively.

Defined Benefit Plans—The Company participates in several multi-employer pension plans that provide benefits to certain employees under collective bargaining agreements. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: (1) assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers, (2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers, and (3) if the Company chooses to stop participating in some of its multi-employer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company’s total contributions to these plans were $0.8 million, $0.8 million, and $1.0 million in the years ended December 31, 2017, 2016, and 2015, respectively. A majority of the contributions were to the Western Conference of Teamsters Pension Plan. The Company does not contribute more than 5% percent of total contributions for any of these multi-employer pension plans. The Company’s participation in the multi-employer pension plans as of December 31, 2017 is outlined in the table below.

Expiration Date

Pension

Financial

of Collective-

12/31/2017

Protection Act

Improvement

Surcharge

Bargaining

Company

Legal Name of Plan

EIN - Plan Number

Zone Status

Plan

Imposed

Agreement

Participants

Western Conference of Teamsters Pension Plan

91-6145047 - 001

Funded > 80%

4/30/2018 to

6/30/2020

Southern California Lumber Industry Retirement

Fund

95-6035266 - 001

Funded > 80%

6/30/2020

Central States, Southeast and Southwest Areas

Pension Plan

36-6044243 - 001

Funded < 65%

Implemented

12/27/2020

During 2015, the Company completely withdrew employees from an existing multi-employer pension plan with the Central States Pension Fund, or the “Pension Fund,” and entered into a new agreement with the Pension Fund, which adopted an alternative method for determining an employer's unfunded obligation that would limit the Company’s funding obligations to the Pension Fund in the future. As part of the agreement, Pension Fund participants were moved to a new pension plan sponsored by the Pension Fund. In connection with the complete withdrawal from the Pension Fund, the Company was subject to a withdrawal liability of approximately $0.4 million which was paid in December 2015.