MULTI-EMPLOYER PENSION PLANS

12 Months Ended

Mar. 31, 2012

MULTI-EMPLOYER PENSION PLANS

MULTI-EMPLOYER PENSION PLANS

9. MULTI-EMPLOYER PENSION PLANS

The Company participates in multi-employer pension plans for certain of its union employees covered by collective bargaining agreements. Amounts expensed in the financial statements equal the contributions made to the pension plans during the year. Total contributions to the multi-employer pension plans were $446 in fiscal 2012, $771 in fiscal 2011, and $850 in fiscal 2010.  Total contributions to individually insignificant multi-employer pension plans were $366 in fiscal 2012, $679 in fiscal 2011 and $757 in fiscal 2010.

The only individually significant plan in which the Company participates is the GCC/IBT National Pension Fund (“the Plan”). The EIN/Pension Plan Numbers are M0240019, M0240035, M5050077 and M5050185. The most recent Pension Protection Act zone status for the Plan in 2012 and 2011 is red. The zone status is based on the Plan’s year end, not the Company’s year end. 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.  The Plan is under a rehabilitation plan that has been implemented and a surcharge has been imposed on the Plan.  The collective bargaining agreements requiring participation in the Plan expire on April 30, 2012 and April 30, 2013.

Contributions for M0240019 totaled $28, $27 and $36 in the fiscal 2012, 2011 and 2010, respectively.  Contributions for M0240035 totaled $18, $21 and $22 in fiscal 2012, 2011 and 2010, respectively.  Contributions for M5050077 totaled $21, $30 and $24 in fiscal 2012, 2011 and 2010, respectively.  Contributions for M5050185 totaled $13, $14 and $11 in fiscal 2012, 2011 and 2010, respectively.

In addition to regular contributions, the Company could be obligated to pay additional amounts, known as a withdrawal liability, if a multi-employer pension plan has unfunded vested benefits and the Company decreases or ceases participation in the plan.  In fiscal 2012 and 2011, the Company accrued $16,769 and $1,042, respectively, for the present value of the liabilities for withdrawing from certain multi-employer pension plans.  The final calculation of the withdrawal liability recognized in fiscal 2012 is pending finalization of certain plan year related data and is therefore subject to adjustment.