Union Pension Plan

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

UNION PENSION PLAN

NOTE 21 — UNION PENSION PLAN

The Company began contributing to several multiemployer defined benefit pension plans under collective bargaining agreements that cover certain union represented employees in 2018. The risks of participating in such plans are different from the risks of single-employer plans, in the following respects:

(a) Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers;

(b) If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and

(c) If the Company ceases to have a continuing obligation to contribute to the multiemployer plan in which the Company had been a contributing employer, the Company may be required to pay to the plan an amount based on the underfunded status of the plan and on the history of the Company’s participation in the plan prior to the cessation of its obligation to contribute.

The Company’s participation in multiemployer plans for the annual period ended December 31, 2021 and 2020 is outlined in the table below. For each plan that is individually significant to the Company, the following information is provided:

• The “Pension Protection Act Zone Status” available is for plan years that ended in 2021 and 2020. The zone status is based on information provided to the Company and other participating employers by each plan and is certified by the plan’s actuary. This indicates the funded status of the plan with the status indicated by the colors of green, yellow, and red with green being the most funded and red being the least funded.

• The “FIP/RP Status Pending/Implemented” column indicates whether a Funding Improvement Plan, as required under the Code to be adopted by plans in the “yellow” zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the “red” zone, is pending or has been implemented as of the end of the plan year.

• The “Surcharge Imposed” column indicates whether a surcharge was paid during the most recent annual period presented for the Company’s contributions to any plan in the red zone in accordance with the requirements of the Code.

• The last column lists the expiration dates of the collective bargaining agreements with the Company.

There are no plans where the amount contributed by the Company represents more than 5% of the total contributions to the plan for the years ended December 31, 2021, and 2020.

Multiple Employer Pension Plans (amounts in thousands):

Pension Fund

EIN

Pension Protection Act Zone Status & Plan Year- End

FIP/RP Status

Contributions of Alta Equipment Group Inc. and Subsidiaries

Surcharge Imposed

Expiration Date of Collective- Bargaining Agreement

2021

2020

2021

2020

Operating Engineers I.U.O.E. Local 37 Pension Trust

52-6128064

—

—

None

$

—

$

—

No

3/31/2020

Midwest Operating Engineers Local Union No. 150 Pension Trust Fund

36-6140097

Yellow 3/31/2021

Green 3/31/2020

Implemented

2,218

1,472

No

5/31/2024

Operating Engineers Local Union No. 324 Pension Fund

38-1900637

Red 4/30/2021

Red 4/30/2020

Implemented

925

783

No

9/30/2024

Central Pension Fund of the International Union of Operation    Engineers Local Union No. 649 and 841

36-6052390

Green 1/31/2021

Green 1/31/2020

None

99

70

No

3/31/2024

Upstate New York Engineers Pension Fund Local Union 17C Engineers Local Union No. 639

15-0614642

Red 3/31/2021

Red 3/31/2020

Implemented

4

52

No

11/30/2025

Central Pension Fund of Operating Engineers Local Union 17C

36-6052390

Green 1/31/2021

Green 1/31/2020

None

147

19

No

various through 11/30/2025

Central Pension Fund of the International Union of Operating Engineers Local 158 District 832

36-6052390

Green 1/31/2021

Green 1/31/2020

None

188

72

No

various through 6/19/2025

Central Pension Fund of the International Union of Operating Engineers - Local 158 District 545

36-6052390

Green 1/31/2021

Green 1/31/2020

None

134

—

No

5/14/2025

Central Pension Fund of the International Union of Operating Engineers - Local 158 District 106

36-6052390

Green 1/31/2021

Green 1/31/2020

None

117

—

No

various through 1/9/2026

Operating Engineers Local 825 Fund

22-6033380

Green 6/30/2021

Green 6/30/2020

None

20

—

No

6/30/2022

Iron Workers District Council of New England and the Int'l Assoc of Bridge, Structural, Ornamental and Reinforcing Iron Workers, AFL-CIO - Ironworkers' Local 15 & 424 Pension Fund

06-6077019

Green 6/30/2021

—

Implemented

29

—

Yes

5/31/2022

National Pension Fund of the International Association of Machinists & Aerospace Workers - Local 701

36-6042061

Green 12/31/2021

Green 6/30/2020

None

—

—

No

5/1/2025

$

3,881

$

2,468