In addition to the Company’s Director Deferral Plan, the Company has four executive benefit plans: the Supplemental Savings Incentive Plan, the Long-Term Retention Plan, the Officer Retention Plan and the Long-Term Performance Plan. The Company also has a Long-Term Performance Equity Plan, as discussed in Note 3.

Pursuant to the Supplemental Savings Incentive Plan, as amended and restated effective November 1, 2011, eligible participants may elect to defer a portion of their annual salary and bonus. Participants are immediately vested in all deferred contributions they make and become fully vested in Company contributions upon completion of five years of service with the Company, termination of employment due to death or retirement or a change in control. Participant deferrals and Company contributions made in years prior to 2006 are invested in either a fixed benefit option or certain investment funds determined by the participant. Beginning in 2010, the Company may elect at its discretion to match up to 50% of the first 6% of salary, excluding bonuses, deferred by the participant. During 2020, 2019 and 2018, the Company matched 50% of the first 6% of salary, excluding bonuses, deferred by the participant. The Company may also make discretionary contributions to participants’ accounts.

Under the Director Deferral Plan, as amended and restated effective January 1, 2005, non-employee directors may defer payment of all or a portion of their annual retainer and meeting fees until they no longer serve on the Board of Directors. There is no Company matching contribution under the Director Deferral Plan. The liability under these two deferral plans was as follows:


(in thousands)	December 31, 2020		December 29, 2019
Current liabilities	$	11,132	$	8,893
Noncurrent liabilities	80,890		79,921
Total liability - Supplemental Savings Incentive Plan and Director Deferral Plan	$	92,022	$	88,814

Under the Long-Term Retention Plan, effective March 5, 2014, the Company accrues a defined amount each year for an eligible participant based upon an award schedule. Amounts awarded may earn an investment return based on certain investment funds specified by the Company. Benefits under the Long-Term Retention Plan are 50% vested until age 51. Beginning at age 51, the vesting percentage increases by 5% each year until the benefits are fully vested at age 60. Participants receive payments from the plan upon retirement or, in certain instances, upon termination of employment. Payments are made in the form of monthly installments over a period of 10, 15 or 20 years. The liability under this plan was as follows:

Under the Officer Retention Plan, as amended and restated effective January 1, 2007, eligible participants may elect to receive an annuity payable in equal monthly installments over a 10-, 15- or 20-year period commencing at retirement or, in certain instances, upon termination of employment. The benefits under the Officer Retention Plan increase with each year of participation as set forth in an agreement between the participant and the Company. Benefits under the Officer Retention Plan are 50% vested until age 51. Beginning at age 51, the vesting percentage increases by 5% each year until the benefits are fully vested at age 60. The liability under this plan was as follows:

Under the Long-Term Performance Plan, as amended and restated effective January 1, 2018, the Compensation Committee establishes dollar amounts to which a participant shall be entitled upon attainment of the applicable performance measures. Bonus awards under the Long-Term Performance Plan are made based on the relative achievement of performance measures in terms of the Company-

sponsored objectives or objectives related to the performance of the individual participant or of the subsidiary, division, department, region or function in which the participant is employed. The liability under this plan was as follows:

There are two Company-sponsored pension plans. The Primary Plan was frozen as of June 30, 2006 and no benefits accrued to participants after this date. The Bargaining Plan is for certain employees under collective bargaining agreements. Benefits under the Bargaining Plan are determined in accordance with negotiated formulas for the respective participants. Contributions to the plans are based on actuarially determined amounts and are limited to the amounts currently deductible for income tax purposes.

Each year, the Company updates its mortality assumptions used in the calculation of its pension liability using The Society of Actuaries’ latest mortality tables. In 2020 and 2019, the mortality table reflected a lower increase in longevity.


	Fiscal Year
(in thousands)	2020		2019
Beginning balance - projected benefit obligation	$	332,304	$	278,957
Service cost	6,331		4,853
Interest cost	10,957		12,299
Actuarial loss	31,300		47,651
Benefits paid	(12,647)		(11,456)
Ending balance - projected benefit obligation	$	368,245	$	332,304

The projected benefit obligations and the accumulated benefit obligations for both Company-sponsored pension plans were in excess of plan assets as of December 31, 2020 and December 29, 2019. The accumulated benefit obligation was $368.2 million on December 31, 2020 and $332.3 million on December 29, 2019.

The decrease in the discount rates in 2020, as compared to 2019, and, in 2019, as compared to 2018, was the primary driver of actuarial losses in both 2020 and 2019. The actuarial gains and losses, net of tax, were recorded in accumulated other comprehensive loss in the consolidated balance sheets.


	Fiscal Year
(in thousands)	2020		2019
Beginning balance - plan assets at fair value	$	276,699	$	256,168
Actual return on plan assets	40,680		29,549
Employer contributions	16,250		4,900
Benefits paid	(13,930)		(13,918)
Ending balance - plan assets at fair value	$	319,699	$	276,699


	Fiscal Year
(in thousands)	2020		2019		2018
Service cost	$	6,331	$	4,853	$	5,484
Interest cost	10,957		12,299		11,350
Expected return on plan assets	(13,617)		(10,290)		(15,415)
Recognized net actuarial loss	4,619		3,688		3,830
Amortization of prior service cost	19		22		25
Net periodic pension cost	$	8,309	$	10,572	$	5,274


	Fiscal Year
	2020		2019		2018
Projected benefit obligation at the measurement date:
Discount rate - Primary Plan	2.66	%	3.36	%	4.47	%
Discount rate - Bargaining Plan	3.12	%	3.61	%	4.63	%
Weighted average rate of compensation increase	N/A		N/A		N/A
Net periodic pension cost for the fiscal year:
Discount rate - Primary Plan	3.36	%	4.47	%	3.80	%
Discount rate - Bargaining Plan	3.61	%	4.63	%	3.90	%
Weighted average expected long-term rate of return of plan assets - Primary Plan(1)	5.50	%	5.00	%	6.00	%
Weighted average expected long-term rate of return of plan assets - Bargaining Plan(1)	6.25	%	5.25	%	6.00	%
Weighted average rate of compensation increase	N/A		N/A		N/A

(1)The weighted average expected long-term rate of return assumption for the pension plan assets, which was used to compute net periodic pension cost, is based upon target asset allocation and is determined using forward-looking performance and duration assumptions set at the beginning of each fiscal year.

All assets in the Company’s pension plans are invested in institutional investment funds managed by professional investment advisors which hold U.S. equities, international equities and debt securities. The objective of the Company’s investment philosophy is to earn the plans’ targeted rate of return over longer periods without assuming excess investment risk. The weighted average expected long-term rate of return assumption for the pension plan assets, which will be used to compute 2021 net periodic pension costs, is based upon target asset allocation and is determined using forward-looking performance and duration assumptions in the context of historical returns and volatilities for each asset class. The Company evaluates the rate of return assumption on an annual basis. The Company’s

pension plans target asset allocation for 2021, actual asset allocation at December 31, 2020 and December 29, 2019, and the weighted average expected long-term rate of return by asset category for the Primary Plan were as follows:


	Percentage of Plan Assets at Fiscal Year-End				Target Allocation		Weighted Average Expected Long-Term Rate of Return
	2020		2019		2021		2021
U.S. debt securities	58	%	57	%	65	%	3.09	%
U.S. equity securities	24	%	23	%	26	%	1.24	%
International debt securities	8	%	9	%	—	%	—	%
International equity securities	8	%	8	%	7	%	0.32	%
Cash and cash equivalents	2	%	3	%	2	%	0.10	%
Total	100	%	100	%	100	%	4.75	%

The Company’s pension plans target asset allocation for 2021, actual asset allocation at December 31, 2020 and December 29, 2019, and the weighted average expected long-term rate of return by asset category for the Bargaining Plan were as follows:


	Percentage of Plan Assets at Fiscal Year-End				Target Allocation		Weighted Average Expected Long-Term Rate of Return
	2020		2019		2021		2021
U.S. debt securities	46	%	46	%	40	%	2.30	%
U.S. equity securities	39	%	39	%	46	%	2.65	%
International debt securities	2	%	2	%	—	%	—	%
International equity securities	12	%	12	%	12	%	0.68	%
Cash and cash equivalents	1	%	1	%	2	%	0.12	%
Total	100	%	100	%	100	%	5.75	%

Debt securities as of December 31, 2020 are comprised of investments in government and corporate bonds with a weighted average maturity of approximately 15 years for the Primary Plan and approximately 22 years for the Bargaining Plan. Both plans also hold an institutional high yield bond fund with a modified duration of approximately 3 years. U.S. equity securities include: (i) large capitalization domestic equity funds as represented by the S&P 500 index, (ii) mid-capitalization domestic equity funds as represented by the Russell Mid Cap Growth and Value indexes, (iii) small-capitalization domestic equity funds as represented by the Russell Small Cap Growth and Value indexes and (iv) alternative investment funds as represented by the HFRX Global index and the MSCI US REIT index. International equity securities include companies from both developed and emerging markets outside the United States. Cash and cash equivalents have a weighted average duration of less than one year.

The following table summarizes the Company’s pension plan assets, which are classified as Level 1 and Level 2 for fair value measurement. The Company does not have any Level 3 pension plan assets. See Note 16 for additional information.


(in thousands)	December 31, 2020		December 29, 2019
Pension plan assets - fixed income	$	205,812	$	179,153
Pension plan assets - equity securities(1)	106,424		89,861
Pension plan assets - cash and cash equivalents	7,463		7,071
Total pension plan assets	$	319,699	$	276,085

The Company provides a 401(k) Savings Plan for substantially all of its employees who are not part of collective bargaining agreements and for certain employees under collective bargaining agreements. The Company’s matching contribution for employees who are not part of collective bargaining agreements is discretionary, with the option to match contributions for eligible participants up to 5% based on the Company’s financial results. For all years presented, the Company matched the maximum 5% of participants’ contributions. The Company’s matching contribution for employees who are part of collective bargaining agreements is determined in accordance with negotiated formulas for the respective employees. The total expense for the Company’s matching contributions to the 401(k) Savings Plan was $22.7 million in 2020, $21.7 million in 2019 and $21.2 million in 2018.

The Company provides postretirement benefits for employees meeting specified criteria. The Company recognizes the cost of postretirement benefits, which consist principally of medical benefits, during employees’ periods of active service. The Company does not prefund these benefits and has the right to modify or terminate certain of these benefits in the future.


	Fiscal Year
(in thousands)	2020		2019
Benefit obligation at beginning of year	$	62,056	$	64,461
Service cost	1,454		1,496
Interest cost	2,031		2,750
Plan participants’ contributions	753		750
Actuarial (gain) loss	4,555		(4,191)
Benefits paid	(3,184)		(3,296)
Medicare Part D subsidy reimbursement	—		86
Benefit obligation at end of year	$	67,665	$	62,056


	Fiscal Year
(in thousands)	2020		2019
Fair value of plan assets at beginning of year	$	—	$	—
Employer contributions	2,431		2,460
Plan participants’ contributions	753		750
Benefits paid	(3,184)		(3,296)
Medicare Part D subsidy reimbursement	—		86
Fair value of plan assets at end of year	$	—	$	—


	Fiscal Year
(in thousands)	2020		2019		2018
Service cost	$	1,454	$	1,496	$	1,854
Interest cost	2,031		2,750		2,694
Recognized net actuarial loss	383		730		1,889
Amortization of prior service cost	—		(1,293)		(1,847)
Net periodic postretirement benefit cost	$	3,868	$	3,683	$	4,590


	Fiscal Year
	2020		2019		2018
Benefit obligation discount rate at measurement date	2.70	%	3.32	%	4.41	%
Net periodic postretirement benefit cost discount rate for fiscal year	3.32	%	4.41	%	3.72	%

Postretirement benefit expense - Pre-Medicare:
Weighted average healthcare cost trend rate	6.53	%	7.13	%	7.82	%
Trend rate graded down to ultimate rate	4.50	%	4.50	%	4.50	%
Ultimate rate year	2028		2026		2025

Postretirement benefit expense - Post-Medicare:
Weighted average healthcare cost trend rate	6.73	%	7.11	%	7.74	%
Trend rate graded down to ultimate rate	4.50	%	4.50	%	4.50	%
Ultimate rate year	2028		2026		2025


(in thousands)	December 29, 2019		Actuarial Loss		Reclassification Adjustments		December 31, 2020
Pension Plans:
Actuarial loss	$	(146,762)	$	(5,521)	$	4,619	$	(147,664)
Prior service costs	(26)		—		19		(7)
Postretirement Benefits:
Actuarial loss	(9,736)		(4,555)		383		(13,908)
Total within accumulated other comprehensive loss	$	(156,524)	$	(10,076)	$	5,021	$	(161,579)

Certain employees of the Company whose employment is covered under collective bargaining agreements participate in a multiemployer pension plan, the Employers-Teamsters Local Union Nos. 175 and 505 Pension Fund (the “Teamsters Plan”). The Company makes monthly contributions to the Teamsters Plan on behalf of such employees. The collective bargaining agreements covering the Teamsters Plan expire at various times through 2023. The Company expects these agreements will be re-negotiated.

Participating in the Teamsters Plan involves certain risks in addition to the risks associated with single employer pension plans, as contributed assets are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the Teamsters Plan, the unfunded obligations of the Teamsters Plan may be borne by the remaining participating employers. If the Company chooses to stop participating in the Teamsters Plan, the Company could be required to pay the Teamsters Plan a withdrawal liability based on the underfunded status of the Teamsters Plan. The Company does not anticipate withdrawing from the Teamsters Plan.

In 2015, the Company increased its contribution rates to the Teamsters Plan, with additional increases occurring annually, as part of a rehabilitation plan, which was incorporated into the renewal of collective bargaining agreements with the unions effective April 28, 2014 and adopted by the Company as a rehabilitation plan effective January 1, 2015. This is a result of the Teamsters Plan being certified by its actuary as being in “critical” status for the plan year beginning January 1, 2013.

The Company’s participation in the Teamsters Plan is outlined in the table below. A red zone represents less than 80% funding and requires a financial improvement plan (“FIP”) or rehabilitation plan (“RP”).

According to the Teamsters Plan’s Form 5500 for both the plan years ended December 29, 2019 and December 30, 2018, the Company was not listed as providing more than 5% of the total contributions. At the date these financial statements were issued, a Form 5500 was not available for the plan year ended December 31, 2020.

The Company has a liability recorded for withdrawing from a multiemployer pension plan in 2008 and is required to make payments of approximately $1 million to this multiemployer pension plan each year through 2028. As of December 31, 2020, the Company had $5.8 million remaining on this liability.