Note 10 - Other Retirement Plans

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Other Retirement Plans [Text Block]

10   OTHER RETIREMENT PLANS

Substantially all of our employees are eligible to participate in a qualified defined contribution retirement plan. We also have a non-qualified plan for employees whose incomes exceed qualified plan limits.

The defined contribution retirement plan costs were $3,403,000 in 2021, $2,666,000 in 2020 and $1,683,000 in 2019.

Multiemployer Pension Plans

We contributed to five multiemployer defined benefit pension plans under the terms of CBAs. The risks of participating in these multiemployer plans are different from our company-sponsored plans in the following aspects:

• We do not manage the plan investments or any other aspect of plan administration;

• 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; and

• If we choose to stop participating in one or more multiemployer plans, we may be required to fund over time an amount based on the unfunded status of the plan at the time of withdrawal, referred to as "withdrawal liability".

Information related to these plans is outlined in the table below:

(Thousands of Dollars)	Zone Status September 30		Funding Improvement Plan/Rehabilitation Plan Status	Contributions
								Expiration Dates of
Pension Plan	2021	2020	Status	2021	2020	2019	Surcharge Imposed	CBAs
GCIU- Employer Retirement Fund	Red	Red	Implemented	10	87	98	No	3/24/2022
District No. 9, International Association of Machinists and Aerospace Workers Pension Trust	Red	Green	N/A	15	31	30	N/A	2/28/2023
CWA/ITU negotiated Pension Plan	Red	Red	N/A	81	456	—	No	6/10/2022
								1/13/2022
IAM National Pension Fund	Red	Green	N/A	67	86	—	N/A	1/1/2024
								2/31/22
Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers	Green	Green	N/A	49	52	—	N/A	6/16/2022

The Company has effectuated withdrawals from several multiemployer plans. We record estimates of withdrawal liabilities as of the time the contracts agreeing to withdraw from those plans are ratified. As of September 26, 2021 and September 27, 2020, we had $23,471,000 and $11,473,000 withdrawal liabilities recorded in Warrants and Other Liabilities in our Consolidated Balance Sheets. The liabilities reflect the estimated net present value of payments to the fund, payable over 20-years.

In 2021, we withdrew from two multiemployer pension plan and recorded a $12,862,000 liability reflecting an estimate of the withdrawal from the funds. The withdrawal liabilities are recorded in Warrants and other and the expense is included within Pension withdrawal cost. The liabilities will be paid over 20 years.

Several multiemployer plans have CBAs that expire in the next twelve months. It is reasonably possible that if the Company is unable to renegotiate these agreements employees could go on strike which could disrupt the normal operations of the Company. Of our employees in CBA's, approximately 97% have CBA's that expire in the next 12 months.