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Annual report pursuant to Section 13 and 15(d)

PENSIONS AND OTHER POSTRETIREMENT BENEFITS

v3.20.4
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
 12 Months Ended
Dec. 31, 2020
Postemployment Benefits [Abstract] Ìý
PENSION AND OTHER POSTRETIREMENT BENEFITS
We offer defined benefit pension plans, defined contribution pension plans and OPEB plans to a significant portion of our employees and retirees. Benefits are also provided through multiemployer plans for certain union members.
As a result of the acquisitions of AK Steel and ArcelorMittal USA, we assumed the obligations under their defined benefit pension plans, OPEB plans, defined contribution plans and commitments to multiemployer pension plans according to collective bargaining agreements that cover certain union-represented employees. The AK Steel defined benefit pension plans and OPEB plans acquired amounted to a benefit obligation, net of assets of $949Ìýmillion based on a March 13, 2020 measurement. The ArcelorMittal USA defined benefit pension plans and OPEB plans acquired amounted to a benefit obligation, net of assets of $3,294Ìýmillion based on a December 9, 2020 measurement.
Defined Benefit Pension Plans
The defined benefit pension plans are largely noncontributory and limited in participation. Most plans are closed to new participants with only the legacy iron ore hourly and salaried plans still open. The pension benefit
calculations vary by plan, but are generally based on employee's years of service and compensation or a fixed rate and years of service. Certain salaried plans calculate benefits using a cash balance formula, which earns interest credits and allocations based on a percent of pay.
OPEB Plans
We offer postretirement health care and life insurance benefits to retirees through various plans. The vast majority of our plans are closed to new participants. In lieu of retiree medical coverage, many union-represented employees receive a 401(k) contribution per hour worked to a restricted Retiree Health Care Account. Cost sharing features between the employer and retiree vary by plan and several plans include employer caps. Retiree healthcare coverage is provided through programs administered by insurance companies whose charges are based on benefits paid. Certain labor agreements require the funding of VEBAs, which, depending on funding levels, may be used to reimburse the employer for paid benefits.
Obligations and Funded Status
The following tables and information provide additional disclosures:
(In Millions)
Pension Benefits OPEB
Change in benefit obligations: 2020 2019 2020 2019
Benefit obligations — beginning of year $ 1,021Ìý $ 906Ìý $ 255Ìý $ 242Ìý
Service cost 23Ìý 17Ìý 8Ìý 2Ìý
Interest cost 64Ìý 35Ìý 19Ìý 10Ìý
Actuarial loss 162Ìý 112Ìý 14Ìý 19Ìý
Benefits paid (146) (62) (89) (26)
Participant contributions —Ìý —Ìý 22Ìý 6Ìý
Acquired through business combinations 5,535Ìý —Ìý 3,528Ìý —Ìý
Effect of settlement (94) —Ìý —Ìý —Ìý
Other —Ìý 13Ìý —Ìý 2Ìý
Benefit obligations — end of year $ 6,565Ìý $ 1,021Ìý $ 3,757Ìý $ 255Ìý
Change in plan assets:
Fair value of plan assets — beginning of year $ 749Ìý $ 687Ìý $ 260Ìý $ 240Ìý
Actual return on plan assets 472Ìý 98Ìý 45Ìý 35Ìý
Participant contributions —Ìý —Ìý 17Ìý 1Ìý
Employer contributions 50Ìý 16Ìý 30Ìý 3Ìý
Benefits paid (146) (62) (88) (19)
Acquired through business combinations 4,301Ìý —Ìý 519Ìý —Ìý
Effect of settlement (94) —Ìý —Ìý —Ìý
Other —Ìý 10Ìý —Ìý —Ìý
Fair value of plan assets — end of year $ 5,332Ìý $ 749Ìý $ 783Ìý $ 260Ìý
Funded status $ (1,233) $ (272) $ (2,974) $ 5Ìý
Amounts recognized in Statements of Financial Position:
Non-current assets $ 3Ìý $ —Ìý $ 54Ìý $ 49Ìý
Current liabilities (12) —Ìý (139) (4)
Non-current liabilities (1,224) (272) (2,889) (40)
Total amount recognized $ (1,233) $ (272) $ (2,974) $ 5Ìý
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss $ 164Ìý $ 382Ìý $ 56Ìý $ 73Ìý
Prior service cost (credit) 6Ìý 7Ìý (6) (8)
Net amount recognized $ 170Ìý $ 389Ìý $ 50Ìý $ 65Ìý
The accumulated benefit obligation for all defined benefit pension plans was $6,537 million and $1,010 million at DecemberÌý31, 2020 and 2019, respectively.
Components of Net Periodic Benefit Cost (Credit)
(In Millions)
Pension Benefits OPEB
2020 2019 2018 2020 2019 2018
Service cost $ 23Ìý $ 17Ìý $ 19Ìý $ 8Ìý $ 2Ìý $ 2Ìý
Interest cost 64Ìý 35Ìý 30Ìý 19Ìý 10Ìý 8Ìý
Expected return on plan assets (140) (55) (60) (20) (17) (18)
Amortization:
Net actuarial loss 27Ìý 24Ìý 21Ìý 3Ìý 5Ìý 5Ìý
Prior service costs (credits) 1Ìý 1Ìý 2Ìý (2) (2) (3)
Settlements (6) —Ìý 1Ìý —Ìý —Ìý —Ìý
Net periodic benefit cost (credit) $ (31) $ 22Ìý $ 13Ìý $ 8Ìý $ (2) $ (6)
For 2021, we estimate net periodic benefit cost (credit) as follows:
(InÌýMillions)
Defined benefit pension plans $ (168)
OPEB plans 86Ìý
Total $ (82)
Components of Accumulated Other Comprehensive Loss (Income)
The following includes details on the significant actuarial losses (gains) impacting the benefit obligation:
(In Millions)
Pension Benefits OPEB
2020 2019 2020 2019
Discount rates $ 181Ìý $ 106Ìý $ 44Ìý $ 26Ìý
Demographic (gains) losses (3) 12Ìý (11) 4Ìý
Mortality (16) (6) (4) (4)
Per capita claims —Ìý —Ìý (10) (9)
Other —Ìý —Ìý (5) 3Ìý
Actuarial loss on benefit obligation 162Ìý 112Ìý 14Ìý 20Ìý
Actual returns on assets over expected (332) (44) (26) (18)
Amortization of net actuarial loss (27) (24) (3) (5)
Amortization of prior service credits (costs) (1) (1) 2Ìý 2Ìý
Settlements 6Ìý —Ìý —Ìý —Ìý
Other (27) 7Ìý (2) (5)
Total recognized in accumulated other comprehensive loss (income) $ (219) $ 50Ìý $ (15) $ (6)
Contributions
Annual contributions to the pension plans are made within income tax deductibility restrictions in accordance with statutory regulations. OPEB plans are not subject to minimum regulatory funding requirements, but rather amounts are contributed pursuant to bargaining agreements.
(In Millions)
Pension
Benefits		 Other Benefits
Company Contributions (Reimbursements) VEBA Direct
Payments		 Total
2019 $ 16Ìý $ —Ìý $ 4Ìý $ 4Ìý
2020 50Ìý —Ìý 25Ìý 25Ìý
2021 (Expected)1
202Ìý (16) 144Ìý 128Ìý
1 Pursuant to the applicable bargaining agreements, benefits can be paid from certain VEBAs that are at least 70% funded (all VEBAs are over 70% funded at DecemberÌý31, 2020). Certain agreements with plans holding VEBA assets have capped healthcare costs. For the ArcelorMittal USA VEBA, depending on funding levels and/or Company profits, we may withdraw money from the VEBA plans to the extent funds are available for costs in excess of the cap. The 2021 expected pension contributions include $118 million in deferred 2020 pension contributions in connection with the CARES Act that were paid on January 4, 2021.
Estimated Future Benefit Payments
(In Millions)
Pension
Benefits		 OPEB
2021 $ 486Ìý $ 191Ìý
2022 462Ìý 185Ìý
2023 480Ìý 180Ìý
2024 455Ìý 178Ìý
2025 433Ìý 176Ìý
2026-2030 1,983Ìý 884Ìý
Assumptions
The discount rates used to measure plan liabilities as of the December 31 measurement date are determined individually for each plan. The discount rates are determined by matching the projected cash flows used to determine the plan liabilities to a projected yield curve of high-quality corporate bonds available at the measurement date. Discount rates for expense are calculated using the granular approach for each plan.
Depending on the plan, we use either company-specific base mortality tables or tables issued by the Society of Actuaries. We adopted the Pri-2012 mortality tables from the Society of Actuaries in 2019. On DecemberÌý31, 2020, the assumed mortality improvement projection was updated from generational scale MP-2019 to generational scale MP-2020 for the Pri-2012 mortality tables.
The following represents weighted-average assumptions used to determine benefit obligations:
PensionÌýBenefits OPEB
December 31, December 31,
2020 2019 2020 2019
Discount rate 2.34 % 3.27 % 2.71 % 3.28 %
Interest crediting rate 5.25 6.00 N/A N/A
Compensation rate increase 2.56 2.53 3.00 3.00
The following represents weighted-average assumptions used to determine net benefit cost:
Pension Benefits OPEB
December 31, December 31,
2020 2019 2018 2020 2019 2018
Obligation discount rate 3.02Ìý % 4.27Ìý % 3.58Ìý % 3.28Ìý % 4.29Ìý % 3.60Ìý %
Service cost discount rate 3.34Ìý 4.35Ìý 3.64Ìý 3.35Ìý 4.49Ìý 3.73Ìý
Interest cost discount rate 2.53Ìý 3.92Ìý 3.16Ìý 2.51Ìý 3.94Ìý 3.11Ìý
Interest crediting rate 5.50Ìý 6.00Ìý 6.00Ìý N/A N/A N/A
Expected return on plan assets 7.69Ìý 8.25Ìý 8.25Ìý 6.82Ìý 7.00Ìý 7.00Ìý
Compensation rate increase 2.56Ìý 2.53Ìý 2.49Ìý 3.00Ìý 3.00Ìý 3.00Ìý
The following represents assumed weighted-average health care cost trend rates:
December 31,
2020 2019
Health care cost trend rate assumed for next year 6.05Ìý % 6.50Ìý %
Ultimate health care cost trend rate 4.59Ìý 5.00Ìý
Year that the ultimate rate is reached 2031 2026
Plan Assets
Our financial objectives with respect to our pension and VEBA assets are to fully fund the actuarial accrued liability for each of the plans, to maximize investment returns within reasonable and prudent levels of risk, and to maintain sufficient liquidity to meet benefit obligations on a timely basis.
Our investment objective is to outperform the expected return on assets assumption used in the plans’ actuarial reports over the life of the plans. The expected return on assets takes into account historical returns and estimated future long-term returns based on capital market assumptions applied to the asset allocation strategy. The expected return is net of investment expenses paid by the plans. In addition, investment performance is monitored on a quarterly basis by benchmarking to various indices and metrics for the one-, three- and five-year periods.
The asset allocation strategy is determined through a detailed analysis of assets and liabilities by plan, which defines the overall risk that is acceptable with regard to the expected level and variability of portfolio returns, surplus (assets compared to liabilities), contributions and pension expense.
ÌýÌýÌýÌýThe asset allocation review process involves simulating capital market behaviors including global asset class performance, inflation and interest rates in order to evaluate various asset allocation scenarios and determine the asset mix with the highest likelihood of meeting financial objectives. The process includes factoring in the current funded status and likely future funded status levels of the plans by taking into account expected growth or decline in the contributions over time.
The asset allocation strategy varies by plan. The following table reflects the actual asset allocations for pension and VEBA assets as of DecemberÌý31, 2020 and 2019, as well as the 2021 weighted average target asset allocations. Equity investments include securities in large-cap, mid-cap and small-cap companies located in the U.S. and worldwide. Fixed income investments primarily include corporate bonds and government debt securities.
Pension Assets VEBA Assets
Asset Category 2021
Target
Allocation		 Percentage of
Plan Assets at
DecemberÌý31,		 2021
Target
Allocation		 Percentage of
Plan Assets at
DecemberÌý31,
2020 2019 2020 2019
Equity securities 41.3Ìý % 51.8Ìý % 44.0Ìý % 20.3Ìý % 22.2Ìý % 7.2Ìý %
Fixed income 39.7Ìý 33.8Ìý 27.6Ìý 69.6Ìý 66.4Ìý 79.8Ìý
Hedge funds 5.0Ìý 2.2Ìý 5.4Ìý 1.1Ìý 1.8Ìý 4.8Ìý
Private equity 2.2Ìý 2.1Ìý 6.6Ìý 1.4Ìý 0.4Ìý 0.7Ìý
Structured credit 5.2Ìý 5.0Ìý 7.0Ìý 1.0Ìý 0.9Ìý 2.1Ìý
Real estate 5.2Ìý 3.3Ìý 9.4Ìý 1.1Ìý 1.8Ìý 5.4Ìý
Absolute return fixed income 1.4Ìý 1.8Ìý —Ìý 5.5Ìý 6.5Ìý —Ìý
Total 100.0Ìý % 100.0Ìý % 100.0Ìý % 100.0Ìý % 100.0Ìý % 100.0Ìý %
As a practical expedient, in accordance with ASC 820-10, certain investments that are measured at fair value using the NAV per share have not been classified in the fair value hierarchy below. NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by its number of shares outstanding.
The fair value of our pension assets by asset category is as follows:
(In Millions)
QuotedÌýPricesÌýinÌýActive
Markets for Identical
Assets
(Level 1)		 SignificantÌý Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Investments Measured at Net Asset Value Total
Asset Category 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Equity securities:
U.S. equities $ 1,163Ìý $ 169Ìý $ —Ìý $ —Ìý $ —Ìý $ —Ìý $ 787Ìý $ —Ìý $ 1,950Ìý $ 169Ìý
Global equities 615Ìý 161Ìý —Ìý —Ìý —Ìý —Ìý 195Ìý —Ìý 810Ìý 161Ìý
Fixed income:
U.S. government securities1
141Ìý 11Ìý 295Ìý 22Ìý —Ìý —Ìý 40Ìý —Ìý 476Ìý 33Ìý
U.S. corporate bonds 512Ìý 174Ìý 466Ìý —Ìý —Ìý —Ìý 303Ìý —Ìý 1,281Ìý 174Ìý
Non U.S. and other bonds —Ìý —Ìý 46Ìý —Ìý —Ìý —Ìý —Ìý —Ìý 46Ìý —Ìý
Hedge funds —Ìý —Ìý —Ìý —Ìý 118Ìý 40Ìý —Ìý —Ìý 118Ìý 40Ìý
Private equity —Ìý —Ìý —Ìý —Ìý 114Ìý 50Ìý —Ìý —Ìý 114Ìý 50Ìý
Structured credit —Ìý —Ìý —Ìý —Ìý 264Ìý 52Ìý —Ìý —Ìý 264Ìý 52Ìý
Real estate —Ìý —Ìý —Ìý —Ìý 174Ìý 70Ìý —Ìý —Ìý 174Ìý 70Ìý
Absolute return fixed income —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý 99Ìý —Ìý 99Ìý —Ìý
Total $ 2,431Ìý $ 515Ìý $ 807Ìý $ 22Ìý $ 670Ìý $ 212Ìý $ 1,424Ìý $ —Ìý $ 5,332Ìý $ 749Ìý
1 Includes cash equivalents.
Assets for OPEB plans include VEBA trusts pursuant to bargaining agreements that are available to fund retired employees’ life insurance obligations and medical benefits. The fair value of our other benefit plan assets by asset category is as follows:
(In Millions)
QuotedÌýPricesÌýinÌýActive
Markets for Identical
Assets
(Level 1)		 SignificantÌý Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Investments Measured at Net Asset Value Total
Asset Category 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Equity securities:
U.S. equities $ 26Ìý $ 12Ìý $ —Ìý $ —Ìý $ —Ìý $ —Ìý $ 93Ìý $ —Ìý $ 119Ìý $ 12Ìý
Global equities 6Ìý 7Ìý —Ìý —Ìý —Ìý —Ìý 49Ìý —Ìý 55Ìý 7Ìý
Fixed income:
U.S. government securities1
62Ìý —Ìý 94Ìý —Ìý —Ìý —Ìý —Ìý —Ìý 156Ìý —Ìý
U.S. corporate bonds 237Ìý 166Ìý 127Ìý 41Ìý —Ìý —Ìý —Ìý —Ìý 364Ìý 207Ìý
Hedge funds —Ìý —Ìý —Ìý —Ìý 14Ìý 12Ìý —Ìý —Ìý 14Ìý 12Ìý
Private equity —Ìý —Ìý —Ìý —Ìý 3Ìý 2Ìý —Ìý —Ìý 3Ìý 2Ìý
Structured credit —Ìý —Ìý —Ìý —Ìý 7Ìý 6Ìý —Ìý —Ìý 7Ìý 6Ìý
Real estate —Ìý —Ìý —Ìý —Ìý 14Ìý 14Ìý —Ìý —Ìý 14Ìý 14Ìý
Absolute return fixed income —Ìý —Ìý —Ìý —Ìý —Ìý —Ìý 51Ìý —Ìý 51Ìý —Ìý
Total $ 331Ìý $ 185Ìý $ 221Ìý $ 41Ìý $ 38Ìý $ 34Ìý $ 193Ìý $ —Ìý $ 783Ìý $ 260Ìý
1 Includes cash equivalents.
The following represents the fair value measurements of changes in plan assets using significant unobservable inputs (Level 3):
(In Millions)
Pension Assets VEBA Assets
2020 2019 2020 2019
Beginning balance — January 1 $ 212Ìý $ 229Ìý $ 34Ìý $ 36Ìý
Actual return on plan assets:
Relating to assets still held at the reporting date 8Ìý (1) 2Ìý 1Ìý
Relating to assets sold during the period 6Ìý 30Ìý 1Ìý —Ìý
Purchases 195Ìý 17Ìý —Ìý —Ìý
Sales (13) (60) (1) (3)
Acquired through business combinations 262Ìý —Ìý 2Ìý —Ìý
Other —Ìý (3) —Ìý —Ìý
Ending balance — December 31 $ 670Ìý $ 212Ìý $ 38Ìý $ 34Ìý
Following is a description of the inputs and valuation methodologies used to measure the fair value of our plan assets.
Equity Securities
Equity securities classified as Level 1 investments include U.S. large-, small- and mid-cap investments and international equities. These investments are comprised of securities listed on an exchange, market or automated quotation system for which quotations are readily available. The valuation of these securities is determined using a market approach and is based upon unadjusted quoted prices for identical assets in active markets.
Fixed Income
Fixed income securities classified as Level 1 investments include bonds, government debt securities and cash equivalents. These investments are comprised of securities listed on an exchange, market or automated
quotation system for which quotations are readily available. The valuation of these securities is determined using a market approach and is based upon unadjusted quoted prices for identical assets in active markets. Also included in fixed income is a portfolio of U.S. Treasury STRIPS, which are zero-coupon bearing fixed income securities backed by the full faith and credit of the U.S. government. The securities sell at a discount to par because there are no incremental coupon payments. STRIPS are not issued directly by the Treasury, but rather are created by a financial institution, government securities broker or government securities dealer. Liquidity on the issue varies depending on various market conditions; however, in general, the STRIPS market is slightly less liquid than that of the U.S. Treasury Bond market. The STRIPS are priced daily through a bond pricing vendor and are classified as Level 2.
Hedge Funds
Hedge funds are alternative investments comprised of direct or indirect investment in offshore hedge funds with an investment objective to achieve equity-like returns with one half the volatility of equities and moderate correlation. The valuation techniques used to measure fair value attempt to maximize the use of observable inputs and minimize the use of unobservable inputs. Considerable judgment is required to interpret the factors used to develop estimates of fair value. Valuations of the underlying investment funds are obtained and reviewed. The securities that are valued by the funds are interests in the investment funds and not the underlying holdings of such investment funds. Thus, the inputs used to value the investments in each of the underlying funds may differ from the inputs used to value the underlying holdings of such funds. Hedge funds are valued monthly and recorded on a one-month lag.
Private Equity Funds
Private equity funds are alternative investments that represent direct or indirect investments in partnerships, venture funds or a diversified pool of private investment vehicles (fund of funds).
Investment commitments are made in private equity funds based on an asset allocation strategy, and capital calls are made over the life of the funds to fund the commitments. As of DecemberÌý31, 2020, remaining commitments total $86 million for our pension and OPEB plans. Committed amounts are funded from plan assets when capital calls are made. Investment commitments are not pre-funded in reserve accounts.
Private equity investments are valued quarterly and recorded on a one-quarter lag. For private equity investment values reported on a lag, current market information is reviewed for any material changes in values at the reporting date. Capital distributions for the funds do not occur on a regular frequency. Liquidation of these investments would require sale of the partnership interest.
Structured Credit
Structured credit funds provide flexibility and access to both complex and illiquid premiums by investing across global, public and private residential, commercial, corporate and specialty credit markets that are priced based on valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value structured credit investments at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value of such securities.
Structured credit investments are valued monthly and certain funds have an initial lock-up period and withdrawal restrictions on a semi-annual and quarterly basis. For structured credit investment values reported on a lag, current market information is reviewed for any material changes in values at the reporting date.
Real Estate
The real estate portfolio for the pension plans is an alternative investment comprised of funds with strategic categories of real estate investments. All real estate holdings are appraised externally at least annually, and appraisals are conducted by reputable, independent appraisal firms that are members of the Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. The property valuations and assumptions about each property are reviewed quarterly by the investment manager and values are adjusted if there has been a significant change in circumstances relating to the property since the last external appraisal. The fair values of the funds are updated on either a monthly or quarterly basis. Redemption requests are considered on a quarterly basis, subject to notice requirements.
The real estate fund of funds investment for the Empire-Tilden, Hibbing and United Taconite VEBA plans invests in pooled investment vehicles that, in turn, invest in commercial real estate properties. Valuations are performed quarterly and financial statements are prepared on a semi-annual basis, with annual audited statements.
Asset values for this fund are reported with a one-quarter lag, and current market information is reviewed for any material changes in values at the reporting date. Withdrawals are permitted on the last business day of each quarter subject to a 95-day prior written notice.
Absolute Return Fixed Income
Absolute return fixed income investments consist of a global fixed income fund with the investment objective of generating positive absolute returns over a full market cycle. The fund's investments in securities, forward exchange contracts and futures contracts are reported at fair value on a recurring monthly basis. The fund's trustee values securities based upon independent pricing sources and futures contracts are valued at closing settled prices. Redemptions of the fund at NAV are permitted monthly under most circumstances.
Defined Contribution Plans
Most employees are eligible to participate in various defined contribution plans. Certain of these plans have features with matching contributions or other Company contributions based on our financial results. Company contributions to these plans are expensed as incurred. Total expense from these plans was $22 million, $3 million and $3 million in 2020, 2019 and 2018, respectively.
Multiemployer Plans
We contribute to multiemployer pension plans according to collective bargaining agreements that cover certain union-represented employees. The following risks of participating in these multiemployer plans differ from single employer pension plans:
•Employer contributions to a multiemployer plan may be used to provide benefits to employees of other participating employers.
•If a participating employer stops contributing to a multiemployer plan, the remaining participating employers may need to assume the unfunded obligations of the plan.
•If the multiemployer plan becomes significantly underfunded or is unable to pay its benefits, we may be required to contribute additional amounts in excess of the rate required by the collective bargaining agreements.
•If we choose to stop participating in a multiemployer plan, we may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.
We are a party to five collective bargaining agreements at our Ashland Works, Mansfield Works, United Taconite, Tubular Components and the majority of our ArcelorMittal USA locations that require contributions to the Steelworkers Pension Trust.
We are a party to three collective bargaining agreements at Butler Works, Middletown Works and Zanesville Works that require contributions to the International Association of Machinists and Aerospace Workers ("IAM") National Pension Fund's National Pension Plan. The plan voluntarily elected to place itself in the "Red Zone" in April 2019 and has implemented a rehabilitation plan. Additional contributions will be required as part of the rehabilitation plan until the plan exits the critical status.
Information with respect to multiemployer plans in which we participate follows:
Pension Fund EIN/Pension Plan Number Pension Protection Act Zone Status (a) FIP/RP Status Pending/Implemented (b) Contributions Surcharge Imposed (c) Expiration Date of Collective Bargaining Agreement
2020 2019 2020 2019 2018
Steelworkers Pension Trust
23-6648508/499
 Green Green No $ 14Ìý $ 4Ìý $ 4Ìý No
1/22/2021 to 10/1/2022
IAM National Pension Fund’s National Pension Plan
51-6031295/002
 Red Green Yes 16Ìý —Ìý —Ìý Yes
5/31/2022 to 5/15/2023
American Maritime Officers Plan
13-1936709/001
 Green Green No —Ìý —Ìý —Ìý No
7/31/2021
Total $ 30Ìý $ 4Ìý $ 4Ìý
(a) The most recent Pension Protection Act zone status available in 2020 and 2019 is for each plan's year-end at December 31, 2019 and 2018. The plan's actuary certifies the zone status. Generally, plans in the red zone are less than 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded.
(b) The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented, as defined by ERISA.
(c) The surcharge represents an additional required contribution due as a result of the critical funding status of the plan.
Prior to the Acquisitions, AK Steel and ArcelorMittal USA made up over 30% of the contributions to the Steelworkers Pension Trust in the last three years. Only two other employers contributed more than 5% during this period. As of December 31, 2019 (the last date for which we have information), the Steelworkers Pension Trust had a total actuarial liability of $5,748 million and assets with a market value of $5,372 million, for a funded ratio of about 93%.