v3.26.1
Employee Retirement Plans
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Employee Retirement Plans Employee Retirement Plans
Pension Plans
The Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans. In November 2025, the Company’s Board of Directors voted to terminate the Company’s pension plan with an effective date of March 31, 2026. The Company expects that all obligations under the plan will be satisfied by the end of 2026.
The following table sets forth a summary of the net periodic benefit cost for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Interest cost$940 $933 $1,880 $1,866 
Service cost171 170 342 340 
Expected return on plan assets(899)(903)(1,797)(1,805)
Recognized net actuarial losses437 414 874 828 
Net periodic benefit cost$649 $614 $1,299 $1,229 
The Company contributed $0.9 million and $1.3 million, respectively, to its defined benefit pension plan during the six months ended June 30, 2026 and 2025, and does not expect to contribute any additional amounts in cash by the end of 2026, excluding any payments required to settle obligations under the plan.
Nonqualified Deferred Compensation Plan
On May 20, 2026, the Company’s Board of Directors approved the Tutor Perini Corporation Nonqualified Deferred Compensation Plan (the “NQDC Plan”). The NQDC Plan is intended to be an unfunded arrangement for eligible employees who are part of a select group of management or highly compensated employees of the Company and its subsidiaries and is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended.

Under the NQDC Plan, eligible employees designated by the Company may defer receipt of their cash compensation, including a percentage of their salaries, annual and long-term incentive bonuses, cash-settled restricted stock units and cash-settled performance stock units.

Elective deferrals of cash compensation, which begin in July 2026, are credited to a bookkeeping account established in the name of the participant. A participant is always 100% vested in their elective cash deferrals and any earnings thereon. The Company may make discretionary contributions to the NQDC Plan for selected participants and may subject such contributions to a vesting schedule. Participants elect to receive distributions of deferred balances based on predetermined payout schedules.

Participant accounts will be credited with an investment return determined as if each account were invested in various investment alternatives made available by the NQDC Plan administrator and elected by the participant. The Company may set aside assets to fund its obligations under the NQDC Plan in a limited (“rabbi”) trust, subject to the claims of the Company’s creditors in the event of the Company’s bankruptcy or insolvency. As of June 30, 2026 and December 31, 2025, the Company had no liabilities or assets related to the NQDC Plan.