Sysco 2012 Annual Report Download - page 90

SYSCO CORPORATION-Form10-K 67
PARTII
ITEM8Financial Statements and Supplementary Data
Individually Signifi cant Plans
The information in the following tables relates to multiemployer defi ned benefi t pension plans which Sysco has determined to be individually signifi cant to the
company. To determine individually signifi cant plans, the company evaluated several factors, including Sysco’s signifi cance to the plan in terms of employees
and contributions, the funded status of the plan and the size of company’s potential withdrawal liability if it were to voluntarily withdraw from the plan.
The following table provides information about the funded status of individually signifi cant plans:
•The “EIN-PN” column provides the Employer Identifi cation Number (EIN) and the three-digit plan number (PN).
• The “Pension Protection Act Zone Status” columns provide the two most recent Pension Protection Act zone statuses available from each plan. The
zone status is based on information that the company received from the plan’s administrators and is certifi ed by each plan’s actuary. Among other
factors, plans in the red zone are generally less than 65% funded, plans in the orange zone are both less than 80% funded and have an accumulated
funding defi ciency or are expected to have a defi ciency in any of the next six plan years, plans in the yellow zone are less than 80% funded and plans
in the green zone are at least 80% funded.
• The “FIP/RP Status” column indicates whether a fi nancial improvement plan (FIP) for yellow/orange zone plans or a rehabilitation plan (RP) for red zone
plans is pending or implemented in the current year or was put in place in a prior year. A status of “Pending” indicates a FIP/RP has been approved
but actual period covered by the FIP/RP has not begun. A status of “Implemented” means the period covered by the FIP/RP began in the current year
or is ongoing.
• The “Surcharge Imposed” column indicates whether a surcharge was paid during the most recent annual period presented for the company’s contributions
to each plan in the red zone. If the company’s current collective bargaining agreement (CBA) with a plan satisfi es the requirements of a pending but
not yet implemented RP, then the payment of surcharges is not required and “No” will be refl ected in this column. If the company’s current collective
bargaining agreement (CBA) with a plan does not yet satisfy the requirements of a pending but not yet implemented RP, then the payment of surcharges
is required and “Yes” will be refl ected in this column.
Pension Fund EIN-PN
Pension Protection Act Zone
Status
FIP/RP Status
Surcharge
Imposed
Expiration
Date(s) of CBA(s)As of 12/31/12 As of 12/31/11
Western Conference of Teamsters
PensionPlan(1)
91-6145047-001 Green Green N/A N/A 9/1/12
to10/31/16(5)
Central States, Southeast and Southwest
Areas Pension Fund
36-6044243-001 Red Red Implemented No 3/2/13
Teamsters Pension Trust Fund
ofPhiladelphia and Vicinity(2)
23-1511735-001 Yellow Yellow Pending N/A 7/19/13
to7/31/16(6)
NewYork State Teamsters Conference
Pension and Retirement Fund
16-6063585-074 Red Red Pending No 4/30/14
Truck Drivers and Helpers Local Union
No.355 Retirement PensionFund(3)
52-6043608-001 Yellow Yellow Pending N/A 3/1/15
Cleveland Bakers and Teamsters
PensionFund(4)
34-0904419-001 Red Red Implemented Yes 6/30/17
Minneapolis Food Distributing Industry
Pension Plan(1)
41-6047047-001 Yellow Yellow Implemented N/A 8/10/13
(1) This plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010. There were no
changes to the plan’s zone status as of December31,2011 as a result of this election.
(2) This plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010. Absent this election,
the plan’s zone status under the Pension Protection Act would have been orange as of December31,2011.
(3) This plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010. Absent this election,
the plan’s zone status under the Pension Protection Act would have been red as of December31,2011.
(4) In June2012, the union members of one of the company’s subsidiaries voted to withdraw from this plan and join Sysco’s company-sponsored Retirement Plan. This action triggered a withdrawal
from the multiemployer pension plan. As such, the company is no longer making regular contributions to this plan effective with the newly effective CBA beginning in fiscal 2013. In addition, this
plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010. There were no changes
to the plan’s zone status as of December31,2011 as a result of this election.
(5) Sysco is party to 22 CBAs that require contributions to the Western Conference of Teamsters Pension Trust. Each agreement covers anywhere from 1% to 12% of the total contributions Sysco
is required to pay the fund.
(6) Sysco is party to three CBAs that require contributions to the Teamsters Pension Trust Fund of Philadelphia and Vicinity. One agreement expires July19,2013 and covers approximately 50%
of the total contributions Sysco is required to pay the fund. The remaining two agreements expire July31,2016 and cover the remaining 50% of the total contributions Sysco is required to pay
the fund.