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RETIREMENT AND OTHER EMPLOYEE BENEFIT PROGRAMS (Tables)
12 Months Ended
Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]  
Schedule of Multiemployer Defined Benefit Pension Plans The following table outlines the Company’s participation in Multiemployer Pension Plans

 

 

 

 

 

Pension Protection Act Zone Status (1), (3)

 

 

 

Company Contributions (4)

(in millions)

 

 

 

 

Plan Employer ID Number

 

Plan #

 

2019

 

2018

 

FIP/RP Status (2)

 

2019

 

 

2018

 

 

Expiration Date of Collective Bargaining Agreements

Pension Plan Private Sanitation Union, Local 813 IBT

13-1975659

 

1

 

Red/

Critical

 

Red/

Critical

 

Implemented

 

$

0.6

 

 

$

0.6

 

 

3/31/2020 and 6/30/2022

Nurses And Local 813 IBT Retirement Plan

13-3628926

 

1

 

Green

 

Green

 

N/A

 

$

-

 

 

$

-

 

 

various dates

 

(1)

Zone status is defined by the Department of Labor and the Pension Protection Act of 2006 and represents the level at which the plan is funded.  Plans in the red zone are less than 65% funded, while plans in the green zone are at least 80% funded. Status is based on information received from the Multiemployer Pension Plans and is certified by the pension plans actuary.

 

(2)

The "FIP/RP Status" column indicates Multiemployer Pension Plans for which a Funding Improvement Plan ("FIP”) or a Rehabilitation Plan ("RP") has been implemented or is pending.  The most recent Pension Protection Act zone status available in 2019 and 2018 is for the plans’ year-end December 31, 2018 and 2017, respectively.

 

(3)

A Multiemployer Pension Plan that has been certified as endangered, seriously endangered or critical may begin to levy a statutory surcharge on contribution rates.  Once authorized, the surcharge is at the rate of 5% for the first 12 months and 10% for any periods thereafter, until certain conditions are met.  Contributing employers, however, may eliminate the surcharge by entering into a collective bargaining agreement that meets the requirements of the applicable FIP or RP.

 

(4)

The Company was listed in the Form 5500 for the Pension Plan Private Sanitation Union Local 813 IBT as individually significant for contributing more than 5% of total contributions to such plan during the plan years ended December 31, 2018 and 2017.  At the date these financial statements were issued, Forms 5500 were not available for the Multiemployer Pension Plans for the year ended December 31, 2019.