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Company Retirement Plans
 12 Months Ended
Dec. 31, 2012
Company Retirement Plans  
Company Retirement Plans

Note 18—Company Retirement Plans

 

401(k) Plan—The Company provides a 401(k) plan for its employees not covered by collective bargaining agreements. Under the plan, employees are allowed to contribute up to 100% of their compensation, within the Internal Revenue Service (“IRS”) prescribed annual limit.  The Company makes employer match contributions of 100% of the first 3% and 50% of the next 2% of employee contributions. The Company may, at the discretion of its Board of Directors, make an additional profit share contribution to the 401(k) plan.  The Company’s contribution to the plan for the years ended December 31, 2012, 2011 and 2010 were $2,267, $1,963 and $1,734, respectively.

 

Effective January 1, 2011, the members of the JCG 401(k) plan became eligible for entry into the Company plan and the JCG plan was terminated.  Effective October 1, 2011, the members of the Rockford 401(k) plan became eligible for entry into the Company plan and the Rockford plan was terminated.  The members of the Q3C 401(k) plan will become eligible for entry into the Company plan in 2013 and the Q3C plan will be terminated.  The employees of Sprint, Silva and Saxon had no 401(k) plans prior to the acquisitions and became eligible for the Company plan in 2012.

 

Born Heaters Canada, ULC RRSP-DPSP Plan—The Company provides a RRSP-DPSP plan (Registered Retirement Saving Plan—Deferred Profit Sharing Plan) for its employees of Born Heaters Canada, ULC, not covered by collective bargaining agreements. There are two components to the plan. The RRSP portion will be contributed by the employee, whereas the Company portion is paid in the DPSP. Under this plan, the company makes employer match contributions of 100% of the first 3% and 50% of the next 2% of employee contributions. Vesting in the DPSP portion is one year of employment. The Company’s contribution to the DPSP during the years ended December 31, 2012, 2011 and 2010 was $69, $78 and $86, respectively.

 

The Company has no other post-retirement benefits.