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Employee Benefits | 12 Months Ended
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Sep. 29, 2024
Retirement Benefits [Abstract] |
Employee Benefits | Employee Benefits In fiscal 2020, the Canadian federal government implemented the Canadian Emergency Wage Subsidy ("CEWS") program in response to the negative impact of the coronavirus disease 2019 pandemic on businesses operating in Canada. Some of our Canadian legal entities qualified for and applied for these CEWS cash benefits to partially offset the impacts of revenue reductions and on-going staffing costs. The $21 million total received was initially recorded in "Other long-term liabilities" until all potential amendments to the qualification criteria, including some that were proposed with retroactive application, were finalized in fiscal 2022. In fiscal 2024 (all in the first quarter of fiscal 2024), we distributed approximately $10 million to our Canadian employees. The remaining $11 million, which we expect to distribute in the first quarter of fiscal 2025, is reported in "Accrued compensation". We do not expect there will be any related impact on our operating income, and we have no outstanding applications for further government assistance. Retirement Plans We have defined contribution plans in various countries where we have employees. Th is primarily includes 401(k) plans in the United States. For fiscal 2024, 2023 and 2022, employer contributions to the U.S. plans were $35.3 million, $31.6 million and $29.3 million, respectively. Additionally, we have established a non-qualified deferred compensation plan for certain key employees and non-employee directors. These eligible employees and non-employee directors may elect to defer the receipt of salary, incentive payments, restricted stock, PSU and RSU awards and non-employee director fees. The plan is accounted for in accordance with applicable authoritative guidance on accounting for deferred compensation arrangements where amounts earned are held in a rabbi trust and invested. Employee deferrals are deposited into a rabbi trust, and the funds are generally invested in individual variable life insurance contracts that we own and are specifically designed to informally fund savings plans of this nature. At fiscal 2024 and 2023 year-ends, the consolidated balance sheets reflect assets of $70.1 million and $43.5 million, respectively, related to the deferred compensation plan in "Other long-term assets," and liabilities of $74.3 million and $43.4 million, respectively, related to the deferred compensation plan in "Other long-term liabilities." The net gains and losses related to the deferred compensation plan are reported as part of “Selling, general and administrative expenses” in our consolidated statements of income. These related net gains and losses were immaterial for fiscal 2024, 2023 and 2022. In connection with an acquisition, we assumed a defined benefit pension plan (the “Plan”), which was operated for all qualifying employees. The assets of the Plan are held in a separate trustee administered fund. The plan is closed to new participants and to future benefit accrual. Under the agreed schedule of contributions, we make no further contributions, and continue to pay the expenses of administering the plan. The change in the defined benefit obligation, the change in fair value of plan assets and the amounts recognized in the Consolidated Statement of Income, the Consolidated Statement of Comprehensive Income and the Consolidated Statements of Shareholders’ Equity for fiscal 2024, 2023 and 2022 were immaterial. The Plan's funded status was as follows (in thousands):
| Fiscal Year Ended
| September 29, 2024 |  | October 1, 2023
Fair value of plan assets | $ | 46,815 |  |  | $ | 39,572 |
Benefit obligation | (39,722) |  |  | (35,303) |
Net surplus | $ | 7,093 |  |  | $ | 4,269 |
The net surplus is reflected in other long-term assets on our consolidated balance sheets as of fiscal 2024 and 2023 year-ends. The benefits paid in fiscal 2024 and 2023 were $1.5 million and $1.3 million, respectively. The fair values of the plan assets are substantially categorized within Level 2 of the fair value hierarchy. The fair values of the plan assets by major asset categories were as follows (in thousands):
| Fiscal Year Ended
| September 29, 2024 |  | October 1, 2023
Equities | $ | 3,739 |  |  | $ | 2,213 |
Mutual funds | 22,923 |  |  | 20,458 |
Liability driven investment funds | 15,833 |  |  | 13,807 |
Bonds | 2,657 |  |  | 2,354 |
Cash/other | 1,663 |  |  | 740 |
Fair value of plan assets | $ | 46,815 |  |  | $ | 39,572 |
We seek a competitive rate of return relative to an appropriate level of risk depending on the funded status and obligations of each plan and typically employ both active and passive investment management strategies. The risk in our practices includes diversification across asset classes and investment styles and periodic rebalancing toward asset allocation targets. The target asset allocation selected for each plan reflects a risk/return profile that we believe is appropriate relative to each plan’s liability structure and return goals. Principal assumptions used for the benefit obligation in the valuation are as follows:
| Fiscal Year Ended
| September 29, 2024 |  | October 1, 2023
Discount rate | 5.00 | % |  | 5.35 | %
Rate of inflation | 2.70% to 3.15% |  | 2.80% to 3.35%

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