PBF Energy 2015 Annual Report Download - page 168

PBF ENERGY INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT, PER SHARE, PER UNIT AND BARREL DATA)
F- 51
A summary of PBFX's unit award activity for the year ended December 31, 2015 and 2014 is set forth below:
Number of
Phantom Units
Weighted
Average
Grant Date
Fair Value
Nonvested at January 1, 2014 — $ —
Granted 285,522 26.57
Forfeited (10,000) 26.74
Nonvested at December 31, 2014 275,522 $ 26.56
Granted 266,360 23.92
Vested (137,007) 25.83
Forfeited (1,500) 26.74
Nonvested at December 31, 2015 403,375 $ 25.06
The PBFX LTIP provides for the issuance of distribution equivalent rights (“DERs”) in connection with phantom
unit awards. A DER entitles the participant to nonforfeitable cash payments equal to the product of the number of
phantom unit awards outstanding for the participant and the cash distribution per common unit paid by PBFX to
its common unit holders. Cash payments made in connection with DERs are charged to partners' equity, accrued
and paid upon vesting.
18. EMPLOYEE BENEFIT PLANS
Defined Contribution Plan
The Company’s defined contribution plan covers all employees. Employees are eligible to participate as of the
first day of the month following 30 days of service. Participants can make basic contributions up to 50 percent of
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 $12,753, $11,364
and $10,450 for the years ended December 31, 2015, 2014 and 2013, respectively.
Defined Benefit and Post-Retirement 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 "Supplemental
Plan"). 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, Toledo and Chalmette 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. The Post-Retirement Medical Plan was amended