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Opening Request for Qualifications - SB Pinhook WTP Guaranteed Savings Contract - Reynolds Construction
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Opening Request for Qualifications - SB Pinhook WTP Guaranteed Savings Contract - Reynolds Construction
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10/14/2020 1:08:04 PM
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10/14/2020 1:07:51 PM
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Board of Public Works
Document Type
Contracts
Document Date
10/13/2020
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Reynolds Construction, LLC <br />Notes to Financial Statements <br />December 31, 2019 and 2018 <br />As of December 31, 2019, there was $535,000 of total unrecognized compensation cost related to <br />nonvested share-based compensation arrangements granted under the Plan. That cost is expected <br />to be recognized over a weighted-average period of 3 years. The Company recorded compensation <br />expense of $135,000 for the year ended December 31, 2019. <br />Note 10: Pension and Other Postretirement Benefit Plans <br />Profit-Sharing Plan <br />The Company maintains profit-sharing plans for substantially all eligible employees. The <br />Company’s 401(k) plan maintains safe harbor provisions with employer matching contributions of <br />100% of the first 3% and 50% of the next 2% of eligible compensation. The Company made <br />matching contributions of approximately $377,000 and $447,000 for the years ended December 31, <br />2019 and 2018, respectively. <br />Multiemployer Pension Plans <br />The Company contributes to a number of multiemployer defined-benefit pension plans under the <br />terms of collective-bargaining agreements that cover its union-represented employees. The risks of <br />participating in these multiemployer plans are different from single-employer plans in the <br />following aspects: <br />1.Assets contributed to the multiemployer plan by one employer may be used to provide <br />benefits to employees of other participating employers. <br />2.If a participating employer stops contributing to the plan, the unfunded obligations of the <br />plan may be borne by the remaining participating employers. <br />3.If the Company chooses to stop participating in some of its multiemployer plans, the <br />mpany may be required to pay those plans an amount based on the underfunde <br />Cod status <br />of the plan, referred to as a withdrawal liability. <br />17 <br /> <br />
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