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Multiemployer Pension and Postretirement Plans
12 Months Ended
Dec. 29, 2012
Multiemployer Plans [Abstract]  
Multiemployer Plans [Text Block]

NOTE 10

MULTIEMPLOYER PENSION AND POSTRETIREMENT PLANS

 

The Company contributes to multiemployer defined contribution pension and postretirement benefit plans under the terms of collective-bargaining agreements that cover certain unionized employee groups in the United States. Contributions to these plans are included in total pension and postretirement benefit expense as reported in Notes 8 and 9, respectively.

 

Pension benefits

The risks of participating in multiemployer pension plans are different from single-employer plans. Assets contributed to a 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 are borne by the remaining participating employers.

 

The Company's participation in multiemployer pension plans for the year ended December 29, 2012, is outlined in the table below. The "EIN/PN" column provides the Employer Identification Number (EIN) and the three-digit plan number (PN). The most recent Pension Protection Act (PPA) zone status available for 2012 and 2011 is for the plan year-ends as indicated below. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent 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. In addition to regular plan contributions, the Company may be subject to a surcharge if the plan is in the red zone. The “Surcharge Imposed” column indicates whether a surcharge has been imposed on contributions to the plan. The last column lists the expiration date(s) of the collective-bargaining agreement(s) (CBA) to which the plans are subject.

 

            
   PPA Zone Status FIP/RP Status Contributions by the Company (millions)  
Pension trust fund EIN/PN20122011 Pending/ Implemented201220112010Surcharge ImposedExpiration Date of CBA
            
Bakery and Confectionary Union and Industry International Pension Fund (a) 52-6118572 / 001Red - 12/31/2012Green - 12/31/2011 Implemented$ 4.8$ 4.3$ 3.8Yes5/5/2013 to 11/1/2016
            
Central States, Southeast and Southwest Areas Pension Fund (b) 36-6044243 / 001 Red - 12/31/2012Red - 12/31/2011 Implemented4.34.1 3.6Yes4/30/2013 to 10/20/2015
            
Western Conference of Teamsters Pension Trust ( c ) 91-6145047 / 001Green - 12/31/2012Green - 12/31/2011 N/A1.31.2 1.2No3/29/2013 to 3/24/2018
            
Hagerstown Motor Carriers and Teamsters Pension Fund 52-6045424 / 001Red - 6/30/2013Red - 6/30/2012 Implemented0.40.4 0.3Yes10/3/2015
            
Twin Cities Bakery Drivers Pension Plan 41-6172265 / 001Red - 12/31/2012Red - 12/31/2011 Implemented0.20.2 0.2Yes5/31/2015
            
Other Plans      2.52.4 2.5  
            
Total contributions:  $ 13.5$ 12.6$ 11.6  
            
(a) The Company is party to multiple CBAs requiring contributions to this fund, each with its own expiration date. Over 70 percent of the Company's participants in this fund are covered by a single CBA that expires on 5/5/2013.
(b) The Company is party to multiple CBAs requiring contributions to this fund, each with its own expiration date. Over 40 percent of the Company's participants in this fund are covered by a single CBA that expires on 7/27/2014.
(c) The Company is party to multiple CBAs requiring contributions to this fund, each with its own expiration date. Over 40 percent of the Company's participants in this fund are covered by a single CBA that expires on 3/24/2018.
 

   
The Company was listed in the Forms 5500 of the following plans as of the following plan year ends as providing more than 5 percent of total contributions:
   
Pension trust fundContributions to the plan exceeded more than 5% of total contributions (as of the Plan's year end) 
Hagerstown Motor Carriers and Teamsters Pension Fund6/30/2012 , 6/30/2011 and 6/30/2010 
Twin Cities Bakery Drivers Pension Plan12/31/2011, 12/31/2010 and 12/31/2009 

At the date the Company's financial statements were issued, Forms 5500 were not available for the plan years ending after June 30, 2012.

 

In addition to regular contributions, the Company could be obligated to pay additional amounts, known as a withdrawal liability, if a multiemployer pension plan has unfunded vested benefits and the Company decreases or ceases participation in that plan. The Company has recognized net estimated withdrawal expense related to curtailment and special termination benefits associated with the Company's withdrawal from certain multiemployer plans aggregating (in millions): 2012 - $(5); 2011 - $5; 2010 - $5.

 

During 2012 and 2011, the withdrawal liabilities recognized in 2011 and prior years were updated to reflect more recent information concerning the status of the affected plan(s) and the Company's current expectation of the impact of withdrawal. During 2011, the withdrawal liabilities recorded in 2010 and prior year were settled for approximately $11 million. The final calculation of the withdrawal liability initially recognized in 2011 and updated in 2012 is pending the finalization of certain plan year-related data and is therefore subject to adjustment. The associated cash obligation is payable over a maximum 20 year period; management has not determined the actual period over which the payments will be made.

 

Postretirement benefits

Multiemployer postretirement benefit plans provide health care and other welfare benefits to active and retired employees who have met certain age and service requirements. Contributions to multiemployer postretirement benefit plans were (in millions): 2012 - $13; 2011 - $14; 2010 - $14.