Hertz 2012 Annual Report Download - page 156

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
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.
c) If we cease to have an obligation to contribute to the multiemployer plan in which we had been
a contributing employer, we may be required to pay to the plan an amount based on the
underfunded status of the plan and on the history of our participation in the plan prior to the
cessation of our obligation to contribute. The amount that an employer that has ceased to have
an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as
a withdrawal liability.
Our participation in multiemployer plans for the annual period ended December 31, 2012 is outlined in
the table below. For each plan that is individually significant to us, the following information is provided:
The ‘‘EIN / Pension Plan Number’’ column provides the Employer Identification Number and the
three-digit plan number assigned to a plan by the Internal Revenue Service.
The most recent Pension Protection Act Zone Status available for 2011 and 2012 is for plan years
that ended in 2011 and 2012, respectively. The zone status is based on information provided to us
and other participating employers by each plan and is certified by the plan’s actuary. A plan in the
‘‘red’’ zone has been determined to be in ‘‘critical status’’, based on criteria established under the
Internal Revenue Code, or the ‘‘Code,’’ and is generally less than 65% funded. A plan in the ‘‘yellow’’
zone has been determined to be in ‘‘endangered status’’, based on criteria established under the
Code, and is generally less than 80% funded. A plan in the ‘‘green’’ zone has been determined to be
neither in ‘‘critical status’’ nor in ‘‘endangered status,’’ and is generally at least 80% funded.
The ‘‘FIP/RP Status Pending/Implemented’’ column indicates whether a Funding Improvement
Plan, as required under 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 that ended in 2012.
The ‘‘Surcharge Imposed’’ column indicates whether our contribution rate for 2012 included an
amount in addition the contribution rate specified in the applicable collective bargaining agreement,
as imposed by a plan in ‘‘critical status,’’ in accordance with the requirements of the Code.
The last column lists the expiration dates of the collective bargaining agreements pursuant to which
we contribute to the plans.
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