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Note 9 - Pension Plans | 12 Months Ended
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Apr. 28, 2018
Notes to Financial Statements |
Pension and Other Postretirement Benefits Disclosure [Text Block] |
9. | PENSION PLANS
The Company contributes to certain pension plans under collective bargaining agreements and to a discretionary profit sharing plan. Annual contributions (including contributions to multi-employer plans reflected below) were $3.4 million for Fiscal 2018, $3.1 million for Fiscal 2017 and $2.9 million for Fiscal 2016. The Company participates in three multi-employer defined benefit pension plans with respect to certain collective bargaining agreements. If the Company chooses to stop participating in the multi-employer plan or if other employers choose to withdraw to the extent that a mass withdrawal occurs, the Company could be required to pay the plan a withdrawal liability based on the underfunded status of the plan. During Fiscal 2017, a subsidiary of the Company reached a settlement with respect to a notification of withdrawal liability by one of the multi-employer pension plans not considered significant. The settlement did not have a material effect on its financial position or results of operations. Summarized below is certain information regarding the Company’s participation in significant multi-employer pension plans including the financial improvement plan or rehabilitation plan status (“FIP/RP Status”) and the zone status under the Pension Protection Act (“PPA”). The most recent PPA zone status available in Fiscal 2018 and Fiscal 2017 is for the plans’ years ending December 31, 2016 and 2015, respectively.
|  | PPA Zone Status |  |  |  |  |
|  | Fiscal |  | Fiscal |  |  |  | Surcharge |
Pension Fund |  | 2018 |  | 2017 |  | FIP/RP Status |  | Imposed |
Central States, Southeast and Southwest Areas Pension Plan (EIN no. 36 - 6044243 ) (the “CSSS Fund”) |  | Red |  | Red |  | Implemented |  | Yes |
Western Conference of Teamsters Pension Trust Fund (EIN no. 91 - 6145047 ) (the “WCT Fund”) |  | Green |  | Green |  | Not applicable |  | No |
For the plan years ended December 31, 2016 and December 31, 2015, the Company was not listed in the Form 5500 Annual Returns as providing more than 5% of the total contributions for the above plans. The collective bargaining agreements for employees in the CSSS Fund and the WCT Fund expire on October 18, 2021 and May 14, 2021, respectively. The Company’s contributions for all multi-employer pension plans for the last three fiscal years are as follows:
|  | (In thousands) |
|  | Fiscal |  |  | Fiscal |  |  | Fiscal |
Pension Fund |  | 2018 |  |  | 2017 |  |  | 2016 |
CSSS Fund |  | $ | 1,370 |  |  | $ | 1,262 |  |  | $ | 1,172 |
WCT Fund |  |  | 619 |  |  |  | 477 |  |  |  | 485 |
Other multi-employer pension funds |  |  | 228 |  |  |  | 201 |  |  |  | 448 |
Total |  | $ | 2,217 |  |  | $ | 1,940 |  |  | $ | 2,105 |

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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