Rite Aid 2016 Annual Report Download - page 137

RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended February 27, 2016, February 28, 2015 and March 1, 2014
(In thousands, except per share amounts)
18. Retirement Plans (Continued)
Following are the future benefit payments expected to be paid for the Defined Benefit Pension
Plan and the nonqualified executive retirement plan during the years indicated:
Nonqualified
Defined Benefit Executive
Fiscal Year Pension Plan Retirement Plan
2017 ..................................... $ 7,971 $1,602
2018 ..................................... 8,153 1,234
2019 ..................................... 8,134 1,209
2020 ..................................... 8,332 1,129
2021 ..................................... 8,495 961
2022 - 2026 ............................... 44,253 3,818
Total ................................... $85,338 $9,953
Other Plans
The Company participates in various multi-employer union pension plans that are not sponsored
by the Company. Total expenses recognized for the multi-employer plans were $25,966 in fiscal 2016,
$24,261 in fiscal 2015 and $26,617 in fiscal 2014.
19. Multiemployer Plans that Provide Pension Benefits
The Company contributes to a number of multiemployer defined benefit pension plans under the
terms of collective-bargaining agreements that cover certain of its union-represented employees. The
risks of participating in these multiemployer plans are different from single-employer plans. Assets
contributed to the multiemployer plan by one employer may be used to provide benefits to employees
of other participating employers. If a participating employer stops contributing to the plan, the
unfunded obligations of the plan may be borne by the remaining participating employers. Additionally,
if the Company chooses to stop participating in some of its multiemployer plans, the Company may be
required to pay those plans an amount based on the underfunded status of the plan, referred to as a
withdrawal liability.
The Company’s participation in these plans for the annual period ended February 27, 2016 is
outlined in the table below. The ‘‘EIN/Pension Plan Number’’ column provides the Employer
Identification Number (EIN) and the three- digit plan number, if applicable. The most recent Pension
Protection Act (PPA) zone status available for fiscal 2016 and fiscal 2015 is for the plan year- ends as
indicated below. The zone status is based on information that the Company received from the plan and
is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than
65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green
zone are at least 80 percent funded. The ‘‘FIP/RP Status Pending/Implemented’’ column indicates plans
for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has
been implemented. In addition to regular plan contributions, the Company may be subject to a
surcharge if the plan is in the red zone. The ‘‘Surcharge Imposed’’ column indicates whether a
surcharge has been imposed on contributions to the plan. The last two columns list the expiration
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