Quarterly report pursuant to Section 13 or 15(d)

PENSION PLAN

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PENSION PLAN
 6 Months Ended
Jun. 30, 2021
Retirement Benefits [Abstract]  
PENSION PLAN

 

NOTE 13. PENSION PLAN

 

In September 2019, the Company settled its fully-funded Rollins, Inc. pension plan. As of June 30, 2021, $1.1 million of Rollins, Inc. pension assets remained in the trust with a planned reversion of the remaining pension assets to the Company per ERISA regulations before year end. The Company anticipates tax of approximately 45% of the pension plan assets to be paid upon reversion, which includes the 20% excise tax. In addition, the Company has a remaining Waltham, Inc. defined benefit plan. This plan had assets of $2.1 million, a projected liability of $3.0 million and an unfunded status of $0.9 million as of June 30, 2021. The Company has not made contributions to its defined benefit retirement plans since 2019.