Hertz 2014 Annual Report Download - page 154

Table of Contents



The following table presents estimated future benefit payments:
 



2015 $ 50

$ 1
2016 37

1
2017 43

1
2018 45

1
2019 48

1
After 2019 282

6

$ 505

$ 11

The Company contributed to several multiemployer defined benefit pension plans under collective bargaining agreements that cover certain of its
union-represented employees. 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.
c) If the Company ceases to have an 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 its participation
in the plan prior to the cessation of its 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.
The Company's participation in multiemployer plans for the annual period ended December 31, 2014 is outlined in the table below. For each plan
that is individually significant to the Company, the following information is provided:
The 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 2013 and 2014 is for plan years that ended in 2013
and 2014, respectively. 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. 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  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 2014.
The  column indicates whether the Company's contribution rate for 2014 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 the Company contributed to the plans.
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Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠
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