PBF Energy 2012 Annual Report Download - page 133
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PBF ENERGY INC. AND SUBSIDIARIES
(COMBINED AND CONSOLIDATED WITH PBF ENERGY COMPANY LLC AND SUBSIDIARIES)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT AND BARREL DATA)
16 - EMPLOYEE BENEFIT PLANS (Continued)
Defined Contribution Plan (Continued)
their annual salary subject to Internal Revenue Service limits. The Company matches participants’ contributions
at the rate of 200 percent of the first 3 percent of each participant’s total basic contribution based on the
participant’s total annual salary. The Company’s contribution to the qualified defined contribution plans was
$9,969 and $7,204 for the years ended December 31, 2012 and 2011, respectively.
Defined Benefit and Post Retiree Medical Plans
The Company sponsors a noncontributory defined benefit pension plan (the “Qualified Plan”) with a policy to
fund pension liabilities in accordance with the limits imposed by the Employee Retirement Income Security Act
of 1974 (“ERISA”) and Federal income tax laws. In addition, the Company sponsors a supplemental pension
plan covering certain employees, which provides incremental payments that would have been payable from the
Company’s principal pension plan, were it not for limitations imposed by income tax regulations. The funded
status is measured as the difference between plan assets at fair value and the projected benefit obligation which is
to be recognized in the balance sheet. The plan assets and benefit obligations are measured as of the balance
sheet date.
The non-union Delaware City employees and all Paulsboro employees became eligible to participate in the
Company’s defined benefit plans as of the respective acquisition dates. The union Delaware City employees
became eligible to participate in the Company’s defined benefit plans upon commencement of normal operations.
The Company did not assume any of the employees’ pension liability accrued prior to the respective acquisitions.
The Company formed the Post Retirement Medical Plan on December 31, 2010 to provide health care coverage
continuation from date of retirement to age 65 for qualifying employees associated with the Paulsboro
acquisition. The Company credited the qualifying employees with their prior service under Valero which resulted
in the recognition of a liability for the projected benefit obligation.
F-41