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Employee Benefit Plan Obligations | 12 Months Ended
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Feb. 22, 2019
Retirement Benefits [Abstract] |
Employee Benefit Plan Obligations | EMPLOYEE BENEFIT PLAN OBLIGATIONS
Employee Benefit Plan Obligations (net) | February 22, 2019 | February 23, 2018
Defined contribution retirement plans | $ | 25.0 |  |  | $ | 23.9 |  |
Post-retirement medical benefits | 40.7 |  |  | 43.4 |  |
Defined benefit pension plans | 57.3 |  |  | 47.0 |  |
Deferred compensation plans and agreements | 55.7 |  |  | 55.2 |  |
| $ | 178.7 |  |  | $ | 169.5 |  |
Employee benefit plan assets |  |  |  |
Long-term asset | $ | — |  |  | $ | 0.5 |  |
| $ | — |  |  | $ | 0.5 |  |
Employee benefit plan obligations |  |  |  |
Current portion | $ | 37.1 |  |  | $ | 39.2 |  |
Long-term portion | 141.6 |  |  | 130.8 |  |
| $ | 178.7 |  |  | $ | 170.0 |  |
Defined Contribution Retirement Plans Substantially all of our U.S. employees are eligible to participate in defined contribution retirement plans, primarily the Steelcase Inc. Retirement Plan (the “Retirement Plan”). Company contributions, including discretionary profit sharing and 401(k) matching contributions, and employee 401(k) pre-tax contributions fund the Retirement Plan. All contributions are made to a trust which is held for the sole benefit of participants. Company contributions for our defined contribution retirement plans are discretionary. Total expense under all defined contribution retirement plans was $35.3 for 2019, $33.7 for 2018 and $32.7 for 2017. We expect to fund approximately $38.6 related to our defined contribution plans in 2020, including funding related to our discretionary profit sharing contributions. Post-Retirement Medical Benefits We maintain post-retirement benefit plans that provide medical and life insurance benefits to certain North American-based retirees and eligible dependents. The plans were frozen to new participants in 2003. We accrue the cost of post-retirement benefits during the service periods of employees based on actuarial calculations for each plan. These plans are unfunded, but a portion of our investments in COLI policies are intended to be utilized as a long-term funding source for these benefit obligations. See Note 10 for additional information. While we do not expect the timing of cash flows to closely match, we intend to hold the policies until maturity, and we expect the policies will generate insufficient cash to cover the obligation payments over the next several years and generate excess cash in later years. Defined Benefit Pension Plans Our defined benefit pension plans include various qualified foreign retirement plans as well as domestic non-qualified supplemental retirement plans that are limited to a select group of management approved by the Compensation Committee. The benefit plan obligations for the non-qualified supplemental retirement plans are primarily related to the Steelcase Inc. Executive Supplemental Retirement Plan. This plan is unfunded, but a portion of our investments in COLI policies are intended to be utilized as a long-term funding source for these benefit obligations. See Note 10 for additional information. The funded status of our defined benefit pension plans (excluding our investments in COLI policies) is as follows:
Defined Benefit Pension Plan Obligations | February 22, 2019 | February 23, 2018
Qualified Plans | Non-qualified Supplemental Retirement Plans | Qualified Plans | Non-qualified Supplemental Retirement Plans
Foreign | Foreign
Plan assets | $ | 30.0 |  |  | $ | — |  |  | $ | 33.1 |  |  | $ | — |  |
Projected benefit plan obligations | 44.7 |  |  | 31.5 |  |  | 47.5 |  |  | 32.6 |  |
Funded status | $ | (14.7 | ) |  | $ | (31.5 | ) |  | $ | (14.4 | ) |  | $ | (32.6 | ) |
Long-term asset | — |  |  | — |  |  | 0.5 |  |  | — |  |
Current liability | (0.4 | ) |  | (3.8 | ) |  | (0.1 | ) |  | (3.8 | ) |
Long-term liability | (14.3 | ) |  | (27.7 | ) |  | (14.8 | ) |  | (28.8 | ) |
Total benefit plan obligations | $ | (14.7 | ) |  | $ | (31.5 | ) |  | $ | (14.4 | ) |  | $ | (32.6 | ) |
Accumulated benefit obligation | $ | 23.7 |  |  | $ | 31.3 |  |  | $ | 42.5 |  |  | $ | 32.4 |  |
As of February 23, 2018, we had one qualified foreign plan in an over-funded status, as plan assets of $32.8 exceeded projected benefit plan obligations of $32.3 by $0.5. Summary Disclosures for Defined Benefit Pension and Post-Retirement Plans The following tables summarize our defined benefit pension and post-retirement plans.
| Defined Benefit Pension Plans | Post-Retirement Plans
February 22, 2019 | February 23, 2018 | February 22, 2019 | February 23, 2018
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year | $ | 33.1 |  |  | $ | 46.7 |  |  | $ | — |  |  | $ | — |  |
Actual return on plan assets | 0.3 |  |  | 2.4 |  |  | — |  |  | — |  |
Employer contributions | 4.3 |  |  | 4.5 |  |  | 3.6 |  |  | 3.4 |  |
Plan participants’ contributions | — |  |  | — |  |  | 1.9 |  |  | 1.9 |  |
Estimated Medicare subsidies received | — |  |  | — |  |  | — |  |  | 0.1 |  |
Expenses | — |  |  | (0.2 | ) |  | — |  |  | — |  |
Currency changes | (2.0 | ) |  | 3.6 |  |  | — |  |  | — |  |
Benefits paid | (5.7 | ) |  | (23.9 | ) |  | (5.5 | ) |  | (5.4 | ) |
Fair value of plan assets, end of year | 30.0 |  |  | 33.1 |  |  | — |  |  | — |  |
Change in benefit obligations: |  |  |  |  |  |  |  |
Benefit plan obligations, beginning of year | 80.1 |  |  | 96.8 |  |  | 43.4 |  |  | 46.0 |  |
Service cost | 2.2 |  |  | 2.7 |  |  | 0.1 |  |  | 0.2 |  |
Interest cost | 2.1 |  |  | 2.1 |  |  | 1.6 |  |  | 1.7 |  |
Amendments | 1.0 |  |  | — |  |  | — |  |  | — |  |
Net actuarial (gain) loss | (0.2 | ) |  | (3.3 | ) |  | (0.8 | ) |  | (1.2 | ) |
Plan participants’ contributions | — |  |  | — |  |  | 1.9 |  |  | 1.9 |  |
Medicare subsidies received | — |  |  | — |  |  | — |  |  | 0.1 |  |
Settlements | — |  |  | (0.1 | ) |  | — |  |  | — |  |
Currency changes | (3.3 | ) |  | 5.8 |  |  | — |  |  | 0.1 |  |
Benefits paid | (5.7 | ) |  | (23.9 | ) |  | (5.5 | ) |  | (5.4 | ) |
Benefit plan obligations, end of year | 76.2 |  |  | 80.1 |  |  | 40.7 |  |  | 43.4 |  |
Funded status | $ | (46.2 | ) |  | $ | (47.0 | ) |  | $ | (40.7 | ) |  | $ | (43.4 | ) |
Amounts recognized on the Consolidated Balance Sheets: |  |  |  |  |  |  |  |
Long-term asset | $ | — |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |  |
Current liability | (4.2 | ) |  | (3.9 | ) |  | (3.4 | ) |  | (3.5 | ) |
Long-term liability | (42.0 | ) |  | (43.6 | ) |  | (37.3 | ) |  | (39.9 | ) |
Net amount recognized | $ | (46.2 | ) |  | $ | (47.0 | ) |  | $ | (40.7 | ) |  | $ | (43.4 | ) |
Amounts recognized in accumulated other comprehensive income—pretax: |  |  |  |  |  |  |  |
Actuarial loss (gain) | $ | 12.8 |  |  | $ | 12.7 |  |  | $ | (22.9 | ) |  | $ | (26.0 | ) |
Prior service credit | 0.6 |  |  | (0.5 | ) |  | — |  |  | (2.3 | ) |
Total amounts recognized in accumulated other comprehensive income—pretax | $ | 13.4 |  |  | $ | 12.2 |  |  | $ | (22.9 | ) |  | $ | (28.3 | ) |
Estimated amounts to be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year: |  |  |  |  |  |  |  |
Actuarial loss (gain) | $ | 0.4 |  |  | $ | 0.3 |  |  | $ | (3.4 | ) |  | $ | (3.8 | ) |
Prior service credit | (0.1 | ) |  | (0.2 | ) |  | — |  |  | (2.3 | ) |
Total amounts recognized in accumulated other comprehensive income—pretax | $ | 0.3 |  |  | $ | 0.1 |  |  | $ | (3.4 | ) |  | $ | (6.1 | ) |
| Pension Plans | Post-Retirement Plans
Year Ended | Year Ended
February 22, 2019 | February 23, 2018 | February 24, 2017 | February 22, 2019 | February 23, 2018 | February 24, 2017
Components of expense: |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 2.2 |  |  | $ | 2.7 |  |  | $ | 2.8 |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.5 |  |
Interest cost | 2.1 |  |  | 2.1 |  |  | 3.1 |  |  | 1.6 |  |  | 1.7 |  |  | 2.8 |  |
Amortization of net loss (gain) | 0.3 |  |  | 0.5 |  |  | 0.7 |  |  | (3.8 | ) |  | (3.7 | ) |  | (0.8 | ) |
Amortization of prior year service credit | (0.2 | ) |  | (0.2 | ) |  | (0.2 | ) |  | (2.2 | ) |  | (7.0 | ) |  | (8.6 | ) |
Expected return on plan assets | (1.5 | ) |  | (1.4 | ) |  | (1.9 | ) |  | — |  |  | — |  |  | — |  |
Settlement | — |  |  | 7.1 |  |  | 0.9 |  |  | — |  |  | — |  |  | — |  |
Net expense (credit) recognized in Consolidated Statements of Income | 2.9 |  |  | 10.8 |  |  | 5.4 |  |  | (4.3 | ) |  | (8.8 | ) |  | (6.1 | ) |
The non-service cost components of net pension and post-retirement credit in the years ended February 22, 2019, February 23, 2018 and February 24, 2017 are presented in Other income, net. See Note 3 for additional information related to the adoption of ASU 2017-07.
Other changes in plan assets and benefit obligations recognized in other comprehensive income (pre-tax): |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) | 1.0 |  |  | (4.3 | ) |  | 6.9 |  |  | (0.8 | ) |  | (1.2 | ) |  | (18.3 | ) |
Prior service cost (credit) | 1.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Amortization of gain (loss) | (0.3 | ) |  | (0.5 | ) |  | (1.7 | ) |  | 3.8 |  |  | 3.7 |  |  | 0.8 |  |
Amortization of prior year service credit | 0.2 |  |  | 0.2 |  |  | 0.2 |  |  | 2.2 |  |  | 7.0 |  |  | 8.6 |  |
Losses recognized as part of the curtailment / settlement | — |  |  | (7.3 | ) |  | — |  |  | — |  |  | — |  |  | — |  |
Other | — |  |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |
Total recognized in other comprehensive income | 1.9 |  |  | (11.9 | ) |  | 5.4 |  |  | 5.3 |  |  | 9.5 |  |  | (8.9 | ) |
Total recognized in net periodic benefit cost and other comprehensive income (pre-tax) | $ | 4.8 |  |  | $ | (1.1 | ) |  | $ | 10.8 |  |  | $ | 1.0 |  |  | $ | 0.7 |  |  | $ | (15.0 | ) |
Pension and Other Post-Retirement Accumulated Other Comprehensive Income (Loss) Changes | Before Tax Amount | Tax (Expense) Benefit | Net of Tax Amount
Balance as of February 24, 2017 | $ | 15.0 |  |  | $ | (2.0 | ) |  | $ | 13.0 |  |
Amortization of prior service cost (credit) included in net periodic pension cost | (7.1 | ) |  | 2.9 |  |  | (4.2 | ) |
Net prior service (cost) credit during period | (7.1 | ) |  | 2.9 |  |  | (4.2 | ) |
Net actuarial gain (loss) arising during period | 5.5 |  |  | (1.5 | ) |  | 4.0 |  |
Amortization of net actuarial (gain) loss included in net periodic pension cost | (3.2 | ) |  | 1.4 |  |  | (1.8 | ) |
Gain/losses recognized as a part of the settlement | 7.1 |  |  | (2.4 | ) |  | 4.7 |  |
Net actuarial gain (loss) during period | 9.4 |  |  | (2.5 | ) |  | 6.9 |  |
Foreign currency translation adjustments | (1.2 | ) |  | 0.2 |  |  | (1.0 | ) |
Current period change | 1.1 |  |  | 0.6 |  |  | 1.7 |  |
Balance as of February 23, 2018 | $ | 16.1 |  |  | $ | (1.4 | ) |  | $ | 14.7 |  |
Prior service (cost) credit from plan amendment arising during period | (1.0 | ) |  | 0.2 |  |  | (0.8 | ) |
Amortization of prior service cost (credit) included in net periodic pension cost | (2.5 | ) |  | 0.6 |  |  | (1.9 | ) |
Net prior service (cost) credit during period | (3.5 | ) |  | 0.8 |  |  | (2.7 | ) |
Net actuarial gain (loss) arising during period | (0.2 | ) |  | (0.1 | ) |  | (0.3 | ) |
Amortization of net actuarial (gain) loss included in net periodic pension cost | (3.5 | ) |  | 1.0 |  |  | (2.5 | ) |
Gains (losses) recognized as a part of the settlement | — |  |  | — |  |  | — |  |
Net actuarial gain (loss) during period | (3.7 | ) |  | 0.9 |  |  | (2.8 | ) |
Foreign currency translation adjustments | 0.6 |  |  | (0.1 | ) |  | 0.5 |  |
Current period change | (6.6 | ) |  | 1.6 |  |  | (5.0 | ) |
Balance as of February 22, 2019 | $ | 9.5 |  |  | $ | 0.2 |  |  | $ | 9.7 |  |
Weighted-Average Assumptions | Pension Plans | Post-Retirement Plans
Year Ended | Year Ended
February 22, 2019 | February 23, 2018 | February 24, 2017 | February 22, 2019 | February 23, 2018 | February 24, 2017
Weighted-average assumptions used to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.90 | % |  | 2.90 | % |  | 2.90 | % |  | 4.08 | % |  | 3.97 | % |  | 3.86 | % |
Rate of salary progression | 3.60 | % |  | 3.60 | % |  | 2.70 | % |  |  |  |  |  |  |
Weighted-average assumptions used to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.90 | % |  | 2.80 | % |  | 3.60 | % |  | 3.95 | % |  | 3.84 | % |  | 4.29 | % |
Expected return on plan assets | 4.60 | % |  | 4.80 | % |  | 4.30 | % |  |  |  |  |  |  |
Rate of salary progression | 3.40 | % |  | 3.50 | % |  | 2.80 | % |  |  |  |  |  |  |
The measurement dates for our retiree benefit plans are consistent with our fiscal year-end. Accordingly, we select discount rates to measure our benefit obligations that are consistent with market indices at the end of each year. In evaluating the expected return on plan assets, we consider the expected long-term rate of return on plan assets based on the specific allocation of assets for each plan, an analysis of current market conditions and the views of leading financial advisors and economists. The assumed healthcare cost trend was 6.75% for pre-age 65 retirees as of February 22, 2019, gradually declining to 4.50% after nine years. As of February 23, 2018, the assumed healthcare cost trend was 7.01% for pre-age 65 retirees, gradually declining to 4.50% after nine years. Post-age 65 trend rates are not applicable as our plan provides a fixed subsidy for post-age 65 benefits. A one percentage point change in assumed healthcare cost trend rates would have had the following effects as of February 22, 2019:
Health Cost Trend Sensitivity | One percentage point increase | One percentage point decrease
Effect on total of service and interest cost components | $ | — |  |  | $ | — |  |
Effect on post-retirement benefit obligation | $ | 0.2 |  |  | $ | (0.2 | ) |
Plan Assets The investments of the foreign plans are managed by third-party investment managers who follow local regulations. In general, the investment strategy is designed to accumulate a diversified portfolio among markets, asset classes or individual securities in order to reduce market risk and assure that the pension assets are available to pay benefits as they come due. Our pension plans’ weighted-average investment allocation strategies and weighted-average target asset allocations by asset category as of February 22, 2019 and February 23, 2018 are reflected in the following table. The target allocations are established by the investment committees of each plan in consultation with external advisors after consideration of the associated risk and expected return of the underlying investments.
Asset Category | February 22, 2019 | February 23, 2018
Actual Allocations | Target Allocations | Actual Allocations | Target Allocations
Equity securities | 80 | % |  | 55 | % |  | 78 | % |  | 91 | % |
Debt securities | 16 |  |  | 30 |  |  | 17 |  |  | 8 |  |
Real estate | 4 |  |  | — |  |  | 4 |  |  | — |  |
Other (1) | — |  |  | 15 |  |  | 1 |  |  | 1 |  |
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |
________________________
(1) | Represents guaranteed insurance contracts, money market funds and cash.
The fair value of the pension plan assets as of February 22, 2019 and February 23, 2018, by asset category are as follows:
Fair Value of Pension Plan Assets | February 22, 2019
Level 1 | Level 2 | Level 3 | Total
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Equity securities: |  |  |  |  |  |  |  |
International | — |  |  | 24.5 |  |  | — |  |  | 24.5 |  |
Fixed income securities: |  |  |  |  |  |  |  |
Bond funds | — |  |  | 4.4 |  |  | — |  |  | 4.4 |  |
Other investments: |  |  |  |  |  |  |  |
Property and property funds | — |  |  | 1.1 |  |  | — |  |  | 1.1 |  |
| $ | — |  |  | $ | 30.0 |  |  | $ | — |  |  | $ | 30.0 |  |
Fair Value of Pension Plan Assets | February 23, 2018
Level 1 | Level 2 | Level 3 | Total
Cash and cash equivalents | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |  |
Equity securities: |  |  |  |  |  |  |  |
International | — |  |  | 25.8 |  |  | — |  |  | 25.8 |  |
Fixed income securities: |  |  |  |  |  |  |  |
Bond funds | — |  |  | 5.5 |  |  | — |  |  | 5.5 |  |
Other investments: |  |  |  |  |  |  |  |
Guaranteed insurance contracts (1) | — |  |  | — |  |  | 0.4 |  |  | 0.4 |  |
Property funds | — |  |  | 1.2 |  |  | — |  |  | 1.2 |  |
| $ | 0.2 |  |  | $ | 32.5 |  |  | $ | 0.4 |  |  | $ | 33.1 |  |
_____________ (1) Guaranteed insurance contracts are valued at book value, which approximates fair value, and are calculated using the prior year balance plus or minus investment returns and changes in cash flows. There were no material transfers between Level 1 and Level 2 of the fair value hierarchy for any periods presented. Below is a roll-forward of plan assets measured at estimated fair value using Level 3 inputs for the years ended February 22, 2019 and February 23, 2018:
Roll-forward of Fair Value Using Level 3 Inputs | Group Annuity Contract | Guaranteed Insurance Contracts
Balance as of February 24, 2017 | $ | 1.9 |  |  | $ | 0.7 |  |
Unrealized return on plan assets, including changes in foreign exchange rates | — |  |  | 0.1 |  |
Purchases, sales, and other, net | (1.9 | ) |  | (0.4 | ) |
Balance as of February 23, 2018 | $ | — |  |  | $ | 0.4 |  |
Purchases, sales, and other, net | — |  |  | (0.4 | ) |
Balance as of February 22, 2019 | $ | — |  |  | $ | — |  |
We expect to contribute approximately $5.1 to our pension plans and fund approximately $3.6 related to our post-retirement plans in 2020. The estimated future benefit payments under our pension and post-retirement plans are as follows:
| Fiscal Year Ending in February | Pension Plans | Post-retirement Plans
| 2020 | $ | 5.1 |  |  | $ | 3.6 |  |
| 2021 | 3.6 |  |  | 3.5 |  |
| 2022 | 3.4 |  |  | 3.5 |  |
| 2023 | 4.2 |  |  | 3.5 |  |
| 2024 | 5.1 |  |  | 3.4 |  |
| 2025 - 2029 | 23.0 |  |  | 15.2 |  |
Multi-Employer Pension Plan Our subsidiary, SC Transport Inc., contributes to the Central States, Southeast and Southwest Areas Pension Fund (the "Fund") based on an obligation arising from a collective bargaining agreement covering SC Transport Inc. employees and retirees. This plan provides retirement benefits to participants based on their service to contributing employers. The benefits are paid from assets held in trust for that purpose. Trustees are appointed by employers and unions; however, we are not a trustee. The trustees typically are responsible for determining the level of benefits to be provided to participants and for such matters as the investment of the assets and the administration of the plan. Based on the most recent information available, we believe that the projected benefit obligations in this multi-employer plan significantly exceed the value of the assets held in trust to pay benefits. Because we are one of a number of employers contributing to this plan, it is difficult to ascertain what the exact amount of the under-funding would be, although we anticipate the contribution per participating employee will increase at each contract renegotiation. We believe that funding levels have not changed significantly since year-end. The risks of participating in a multi-employer plan are different from the risks associated with single-employer plans in the following respects:
• | Assets contributed to the multi-employer 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.
• | If a participating employer chooses to stop participating in a multi-employer plan or otherwise has participation in the plan drop below certain levels, that employer may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.
In Q3 2019, the Fund asserted that SC Transport Inc.'s absence of hiring additional union employees over the past ten years, coupled with restructuring of SC Transport Inc.'s business, constituted an adverse selection practice under the Fund and, if not remedied, will result in an assessment of a withdrawal liability. As a result of the Fund's assertion, SC Transport Inc. recorded an $11.2 charge in 2019, which is based on our best estimate from our analysis of available information and pension regulations which specify that the liability will be paid out in installments over a period of up to 20 years. The withdrawal liability was discounted using a rate of 3.5%. In Q1 2020, we finalized a new collective bargaining agreement with our SC Transport Inc. employees and have notified the Fund of our intent to withdraw from the Fund. We expect to receive a final assessment of our withdrawal liability from the Fund during 2020. The amount that may ultimately be required to settle any potential obligation may be lower or higher than our estimated liability, which we will adjust if needed, if and when additional information becomes available. If the Fund were to experience a mass withdrawal within three years from the date of our withdrawal, our liability could increase by approximately $13. A mass withdrawal could occur if all participating employers in the Fund withdraw at the same time, if the trustees terminate the Fund or if all union employees decertify the union. Our participation in this plan during 2019, 2018 and 2017 is outlined in the table below. Expense was recognized at the time our contributions were funded, in accordance with applicable accounting standards.
Pension Fund | EIN - Pension Plan Number | Plan Month / Day End Date | Pension Protection Act Zone Status (1) | FIP/RP Status Pending / Implemented (2) | Contributions | Surcharges Imposed or Amortization Provisions
2018 | 2017 | 2019 | 2018 | 2017
Central States, Southeast and Southwest Areas Pension Fund | 366044243-001 | 12/31 | Red | Red | Implemented | $0.2 | $0.2 | $0.3 | No
________________________
(1) | The most recent Pension Protection Act Zone Status available in 2018 and 2017 relates to the plan's two most recent fiscal year-ends. The zone status is based on information received from the plan certified by the plan’s actuary. Among other factors, red zone status plans are generally less than 65 percent funded and are considered in critical status.
(2) | The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented by the trustees of the plan.
Deferred Compensation Programs We maintain four deferred compensation programs. The first deferred compensation program is closed to new entrants. In this program, certain employees elected to defer a portion of their compensation in return for a fixed benefit to be paid in installments beginning when the participant reaches age 70. Under the second plan, certain employees may elect to defer a portion of their compensation. The third plan is intended to restore retirement benefits that would otherwise be paid under the Retirement Plan but are precluded as a result of the limitations on eligible compensation under Internal Revenue Code Section 401(a)(17). Under the fourth plan, our non-employee directors may elect to defer all or a portion of their board retainer and committee fees. The deferred amounts in the last three plans earn a return based on the investment option selected by the participant. These deferred compensation obligations are unfunded, but a portion of our investments in COLI policies are intended to be utilized as a long-term funding source for these deferred compensation obligations. See Note 10 for additional information. Deferred compensation expense, which represents annual participant earnings on amounts that have been deferred, and restoration retirement benefits were $4.6 for 2019, $5.9 for 2018 and $8.5 for 2017.

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