| Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
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Compensation and Retirement Disclosure [Abstract] | |
Additional Information about AEPF Multi-Employer Pension Plan |
The following table provides additional information about the AEPF
multi-employer pension plan.
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Plan name
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Alaska Electrical Pension Plan |
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Employer Identification Number
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92-6005171 |
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Pension plan number
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001 |
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Pension Protection Act zone status at the plan’s year-end:
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December 31, 2016
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Green |
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December 31, 2015
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Green |
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Plan subject to funding improvement plan
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No |
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Plan subject to rehabilitation plan
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No |
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Employer subject to contribution surcharge
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No |
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Greater than 5% |
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of Total |
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Contributions |
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to the Plan |
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Company contributions to the plan for the year ended:
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December 31, 2016
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$ |
7,517 |
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Yes |
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December 31, 2015
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$ |
7,968 |
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Yes |
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December 31, 2014
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$ |
8,626 |
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Yes |
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Name and expiration date of collective bargaining agreements
requiring contributions to the plan:
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Collective Bargaining Agreement Between Alaska Communications
Systems and Local Union 1547 IBEW (1)
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December 31, 2016 |
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Outside Agreement Alaska Electrical Construction between Local
Union 1547 IBEW and Alaska Chapter National Electrical Contractors
Association Inc.
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September 30, 2017 |
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Inside Agreement Alaska Electrical Construction between Local Union
1547 IBEW and Alaska Chapter National Electrical Contractors
Association Inc.
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October 31, 2019 |
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Special Agreement Providing for the Coverage of Certain
Non-bargaining Unit
Employees (2)
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December 31, 2016 |
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| (1) |
As of the date of this report,
negotiations for a new agreement are in process. The parties are
operating under the terms of the prior agreement until a new
contract is in place. |
| (2) |
This agreement runs concurrently with
the Collective Bargaining Agreement Between Alaska Communications
Systems Holding, Inc. and Local Union 1547 IBEW. As of the date of
this report, the parties are operating under the terms of the prior
agreement until a new contract is in place. |
|
Funded Status of ACS Retirement Plan Using Beginning and Ending Balances for Projected Benefit Obligation and Plan Assets |
The following is a calculation of the funded status of the ACS
Retirement Plan using beginning and ending balances for 2016 and
2015 for the projected benefit obligation and the plan assets:
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2016 |
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2015 |
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Change in benefit obligation:
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Benefit obligation at beginning of year
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$ |
16,094 |
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$ |
17,234 |
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Interest cost
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668 |
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|
666 |
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Actuarial loss (gain)
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55 |
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(754 |
) |
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Benefits paid
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(1,035 |
) |
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(1,052 |
) |
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Benefit obligation at end of year
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15,782 |
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16,094 |
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Change in plan assets:
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Fair value of plan assets at beginning of year
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11,202 |
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11,570 |
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Actual return on plan assets
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428 |
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(95 |
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Employer contribution
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798 |
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|
779 |
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Benefits paid
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(1,035 |
) |
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(1,052 |
) |
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Fair value of plan assets at end of year
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11,393 |
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11,202 |
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Funded status
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$ |
(4,389 |
) |
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$ |
(4,892 |
) |
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Summary of Net Periodic Pension Expense for ACS Retirement Plan |
The following table presents the net periodic pension expense for
the Plan for 2016, 2015 and 2014:
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2016 |
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2015 |
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2014 |
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Interest cost
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$ |
668 |
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$ |
666 |
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$ |
664 |
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Expected return on plan assets
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(373 |
) |
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(659 |
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(749 |
) |
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Amortization of loss
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367 |
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929 |
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536 |
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Net periodic pension expense
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$ |
662 |
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$ |
936 |
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$ |
451 |
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Loss Recognized As Component of Accumulated Other Comprehensive Loss |
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2016 |
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2015 |
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Loss recognized as a component of accumulated other comprehensive
loss:
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$ |
4,881 |
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$ |
5,249 |
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|
Assumptions Used to Account for Plan |
The assumptions used to account for the Plan as of
December 31, 2016 and 2015 are as follows:
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2016 |
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2015 |
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Discount rate for benefit obligation
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4.10 |
% |
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4.30 |
% |
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Discount rate for pension expense
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4.30 |
% |
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3.97 |
% |
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Expected long-term rate of return on assets
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6.53 |
% |
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6.53 |
% |
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Rate of compensation increase
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0.00 |
% |
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0.00 |
% |
|
Asset Allocation Guidelines for Plan |
Based on risk and return history for capital markets along with
asset allocation risk and return projections, the following asset
allocation guidelines were developed for the Plan:
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Minimum |
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Maximum |
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Asset Category
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Equity securities
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50 |
% |
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80 |
% |
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Fixed income
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20 |
% |
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50 |
% |
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Cash equivalents
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0 |
% |
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5 |
% |
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Plan's Asset Allocations by Asset Category |
The Plan’s asset allocations at December 31, 2016 and
2015 by asset category are as follows:
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2016 |
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2015 |
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Asset Category
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Equity securities*
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66 |
% |
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64 |
% |
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Debt securities*
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32 |
% |
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34 |
% |
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Other/Cash
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2 |
% |
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2 |
% |
| * |
May include mutual funds comprised of
both stocks and bonds. |
|
Schedule of Measuring Fair Value of Plan Assets Regarding ACS Retirement Plan |
The following table presents major categories of plan assets as of
December 31, 2016, and inputs and valuation techniques used to
measure the fair value of plan assets regarding the ACS Retirement
Plan:
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Fair Value Measurement at Reporting
Date Using |
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Total |
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Quoted Prices
in Active
Markets for
Identical
Assets
Level 1 |
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Significant
Other
Observable
Inputs
Level 2 |
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Significant
Unobservable
Inputs
Level 3 |
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Asset Category
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Money market/cash
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$ |
211 |
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$ |
211 |
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$ |
— |
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$ |
— |
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Equity securities (Investment Funds)*
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International growth
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1,594 |
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1,594 |
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— |
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— |
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U.S. small cap
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1,607 |
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1,607 |
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— |
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— |
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U.S. medium cap
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1,489 |
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1,489 |
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— |
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— |
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U.S. large cap
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2,832 |
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2,832 |
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— |
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— |
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Debt securities (Investment Funds)*
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Certificate of deposits
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1,847 |
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1,847 |
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— |
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— |
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Fixed income
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1,813 |
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|
1,813 |
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— |
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— |
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$ |
11,393 |
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$ |
11,393 |
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$ |
— |
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$ |
— |
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| * |
May include mutual funds comprised of
both stocks and bonds. |
|
Summary of Benefits Expected to be Paid for Plan |
The benefits expected to be paid in each of the next five years and
in the aggregate for the five fiscal years thereafter are as
follows:
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|
|
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|
| 2017 |
|
$ |
1,084 |
|
| 2018 |
|
$ |
1,097 |
|
| 2019 |
|
$ |
1,085 |
|
| 2020 |
|
$ |
1,089 |
|
| 2021 |
|
$ |
1,093 |
|
| 2022-2026 |
|
$ |
5,264 |
|
|