Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1483

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 1483
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 a plan’s zone status include: funded percentage, cash flow position and whether the plan is projecting a minimum funding deficiency.A multiemployer plan that is so underfunded as to be in “endangered,” “seriously endangered,” “critical,” or “critical and declining” status, as determined under the PPA, is required to adopt a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”), which, among other actions, could include decreased benefits and increased employer contributions, which could take the form of a surcharge on benefit contributions.  These actions are intended to improve their funding status over a period of years.  If a pension fund is in critical status, a participating employer must pay an automatic surcharge in addition to contributions otherwise required under the collective bargaining agreement (“CBA”).  With some exceptions, the surcharge is equal to 5% of required contributions for the initial critical year and 10% for each succeeding plan year in which the plan remains in critical status.  The surcharge ceases on the effective date of a CBA or other agreement that includes contribution and benefit terms consistent with the rehabilitation plan.  Certain plans in which the Company participates are in “endangered,” “seriously endangered,” “critical,” or “critical and declining” status.  The amount of additional funds, if any, that the Company could be obligated to contribute to these plans in the future cannot be estimated due to the uncertainty of the future levels of work that could be required of the union employees covered by these plans, as well as the required future contribution rates and possible surcharges applicable to these plans.  See Note 14 - Commitments and Contingencies for additional information.

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Details of significant multiemployer pension plans as of and for the periods indicated, based upon information available to the Company from plan administrators, as well as publicly available information on the U.S. Department of Labor website, are provided in the following table:Contributions (in millions)For the Years Ended December 31,Pension Protection Act Zone StatusMultiemployer Pension PlanEmployer Identification NumberPlan Number202420232022Expiration Date of CBA2024As of2023As ofFIP/RP StatusSurchargeNational Electrical Benefit Fund530181657001$24.1 $18.3 $17.7 Varies through 6/3/2029Green12/31/2023(a)Green12/31/2022(a)NANoCentral Pension Fund of the IUOE & Participating Employ