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Note 8 - Other Retirement Plans
 12 Months Ended
Sep. 29, 2019
Notes to Financial Statements  
Other Retirement Plans [Text Block]
8
    OTHER RETIREMENT PLANS
 
Substantially all of our employees are eligible to participate in a qualified defined contribution retirement plan. We also have a non-qualified plan for employees whose incomes exceed qualified plan limits.
 
Retirement and compensation plan costs, including costs related to stock based compensation and the defined contribution retirement plan, charged to continuing operations are
$3,849,000
in
2019
,
$4,430,000
in
2018
and
$4,396,000
in
2017
.
 
Multiemployer Pension Plans
 
We contributed to
three
multiemployer defined benefit pension plans under the terms of collective-bargaining agreements ("CBAs"). The risks of participating in these multiemployer plans are different from our company-sponsored plans in the following aspects:
 
 
•
We do
not
manage the plan investments or any other aspect of plan administration;
 
 
•
Assets contributed to the multiemployer 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; and
 
 
•
If we choose to stop participating in
one
or more multiemployer plans, we
may
be required to fund over time an amount based on the unfunded status of the plan at the time of withdrawal, referred to as "withdrawal liability".
 
Information related to these plans is outlined in the table below:
 
 
(Thousands of Dollars)
Zone Status September 30
  
Funding Improvement Plan/Rehabilitation Plan Status
    
Contributions
    
 
  
 
 
 
 
  
 
    
 
    
 
    
 
    
 
  
Expiration Dates of
Pension Plan
2019
2018
  
Status
    
2019
    
2018
    
2017
    
Surcharge Imposed
  
CBAs
                                     
GCIU- Employer Retirement Fund 91-6024903/001
Critical
Red
  
Implemented
    
98
    
107
    
123
    
No
  
3/24/2020
                                     
                                     
District No. 9, International Association of Machinists and Aerospace Workers Pension Trust 43-0736847/001
Endangered
Green
  
N/A
    
30
    
29
    
31
    
N/A
  
2/28/2021
 
The GCIU unit at
one
of our bargaining units withdrew representation and, as a result, precipitated a partial withdrawal from the GCIU Employer Retirement Fund. The Company had previously accrued
$2,600,000
in
2017
pending the final assessment from the fund. We received the final assessment in
2019
and increased the accrual to the final assessed amount of
$3,181,000.
 
The District
9
IAM plan notified the Company in
April 2019
that it is in endangered status. The plan could be either declared red status or modified. The plan has
not
indicated what action will be taken.
 
The Company has effectuated a total withdrawal from the CWA/ITU Pension plan in
2019
which was in critical status as of
September 30, 2019.
This action was precipitated by a disclaimer of interest by
one
of our bargaining units, which forced a partial withdrawal from the fund. The Company has elected to precipitate withdrawals from the other units to accomplish a full withdrawal. The full withdrawal will be accomplished by triggering sections of those contracts which allowed for withdrawal from the fund in exchange for benefits and outsourcing of work. The Company has accrued a liability of
$3,255,000
in Warrants and other in
2019
to estimate the impact of the full withdrawal.