Hertz 2013 Annual Report Download - page 116

Table of Contents
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
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, 2013 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 2012 and 2013 is for plan years that ended in 2012
and 2013, 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 2013.
The “Surcharge Imposed” column indicates whether our contribution rate for 2013 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.
For plans that are not individually significant to us, the total amount of contributions is presented in the aggregate.
















 








Western Conference of Teamsters 91-6145047
Green
Green
NA
$4.4
$4.1
$3.9
NA
1/31/2013 -
10/1/2015
Teamsters Central States 36-6044243
Critical
Critical
Implemented
1.2
1.2
1.3
No
5/31/2013 -
3/10/2017
IAM National 51-60321295
Green
Green
NA
0.8
0.7
0.6
NA
9/25/2011* -
8/31/2016
Midwest Operating Engineers 36-6140097
Green
Green
NA
0.5
0.5
0.4
NA
2/28/2014
Local 1034** 13-6594795
Critical
Critical
Implemented
0.3
0.2
0.2
Yes
5/2/2013*
Operating Engineers Local 324 38-1900637
Critical
Critical
Implemented
0.1
0.1
0.1
No
6/30/2016
Western Pennsylvania Teamsters 25-6029946
Critical
Critical
Implemented
0.1
0.1
0.1
No
11/4/2014
7 Other Plans
0.6
0.6
0.6
Total Contributions
$8.0
$7.5
$7.2
*The parties are still attempting to negotiate a successor agreement.
** The amount contributed by Hertz to the Local 1034 Pension Fund was reported as being more than 5% of total contributions to the plan, on the fund's
Form 5500 for the year ended 12/31/2013.
During 2012, Hertz completely withdrew employees from an existing multi-employer pension plan with the Central States Pension Fund, or
the “Pension Fund,” and entered into a new agreement with the Pension Fund, which adopted an alternative method for determining an
employer's unfunded obligation that would limit Hertz funding obligations to
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Source: HERTZ CORP, 10-K, March 31, 2014 Powered by Morningstar® Document Research℠
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