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Union Pension Plan | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
UNION PENSION PLAN | NOTE 16 — UNION PENSION PLAN The Company contributes to various multiemployer defined benefit pension plans under collective bargaining agreements that cover certain union represented employees. These multiemployer plans generally provide retirement benefits to participants based on their service to contributing employers. The benefits are paid from assets held in trust for that purpose. Plan trustees typically are responsible for determining the level of benefits to be provided to participants as well as the investment of the assets and plan administration. Trustees are appointed in equal number by employers and the unions that are parties to the relevant collective bargaining agreements. Expense is recognized in connection with these plans as contributions are funded, in accordance with U.S. GAAP. The risks of participating in such plans are different from the risks of single-employer plans, in the following respects: (a) Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (b) If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and (c) If the Company ceases to have a continuing obligation to contribute to the multiemployer plan in which the Company had been a contributing employer, the Company may be required to pay to the plan an amount based on the underfunded status of the plan and on the history of the Company’s participation in the plan prior to the cessation of our obligation to contribute. The Company’s participation in multiemployer plans for the annual periods ended December 31, 2024, 2023 and 2022 is outlined in the table below. For each plan that is individually significant to the Company, the following information is provided: • The “Pension Protection Act Zone Status” available is for plan years that ended in 2024 and 2023. The zone status is based on information provided to the Company and other participating employers by each plan and is certified by the plan’s actuary. This indicates the funded status of the plan with the status indicated by the colors of green, yellow and red with green being the most funded and red being the least funded. • The “FIP/RP Status Pending/Implemented” column indicates whether a Funding Improvement Plan, as required under the U.S. Internal Revenue Code (the "Code") to be adopted by plans in the “yellow” zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the “red” zone, is pending or has been implemented as of the end of the plan year. • The “Surcharge Imposed” column indicates whether a surcharge was paid during the most recent annual period presented for the Company’s contributions to any plan in the red zone in accordance with the requirements of the Code. • The last column lists the expiration dates of the collective bargaining agreements with the Company. Certain plans have been aggregated in the All Other Multiemployer Pension Plans line in the following table, as the contributions to each of these plans are not individually material. None of our collective bargaining agreements require that a minimum contribution be made to these plans. There are no plans where the amount contributed by the Company represents more than 5% of the total contributions to the plan for the years ended December 31, 2024, 2023 and 2022. Multiple Employer Pension Plans:
Pension Fund |  | EIN |  | Pension Protection Act Zone Status & Plan Year- End |  | FIP/RP Status |  | Contributions of Alta Equipment Group Inc. and Subsidiaries |  |  | Surcharge Imposed |  | Expiration Date of Collective- Bargaining Agreement
|  |  |  | 2024 |  | 2023 |  |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  |  |  |
Midwest Operating Engineers Local Union No. 150 Pension Trust Fund |  | 36-6140097 |  | Green 3/31/2024 |  | Green 3/31/2023 |  | None |  | $ | 3.0 |  |  | $ | 2.8 |  |  | $ | 2.4 |  |  | No |  | 5/31/2027
Operating Engineers Local Union No. 324 Pension Fund |  | 38-1900637 |  | Red 4/30/2024 |  | Red 4/30/2023 |  | Implemented |  |  | 1.7 |  |  |  | 1.6 |  |  |  | 1.2 |  |  | Yes |  | 9/30/2027
All Other Multiemployer Pension Plans (1) |  |  |  |  |  |  |  |  |  |  | 1.7 |  |  |  | 1.5 |  |  |  | 1.2 |  |  |  |  | Various
|  |  |  |  |  |  |  |  |  | $ | 6.4 |  |  | $ | 5.9 |  |  | $ | 4.8 |  |  |  |  |
(1) All Other Multiemployer Pension Plans includes 13 plans, none of which are individually significant when considering contributions to the plan, severity of the underfunded status, or other factors.

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