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Note 11 - Pension Plans | 12 Months Ended
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Apr. 27, 2024
Notes to Financial Statements |
Retirement Benefits [Text Block] |
11. | 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 $3.8 million, $3.8 million and $4.0 million for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. 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. 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 2024 and Fiscal 2023 is for the plans’ years ending December 31, 2022 and 2021, respectively.
|  | PPA Zone Status |  |  |  |
Pension Fund |  | Fiscal 2024 |  | Fiscal 2023 |  | FIP/RP Status |  | Surcharge 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, 2022 and December 31, 2021, 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 agreement for employees in the CSSS Fund expires on October 18, 2026. The collective bargaining agreement for employees in the WCT Fund expired on May 14, 2024 and is currently being negotiated. The Company’s contributions for all multi-employer pension plans for the last three fiscal years are as follow:
|  | (In millions) |
|  | Fiscal |  |  | Fiscal |  |  | Fiscal |
Pension Fund |  | 2024 |  |  | 2023 |  |  | 2022 |
CSSS Fund |  | $ | 1.6 |  |  | $ | 1.6 |  |  | $ | 1.5 |
WCT Fund |  |  | 0.8 |  |  |  | 0.8 |  |  |  | 0.8 |
Other multi-employer pension funds |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.2 |
Total |  | $ | 2.6 |  |  | $ | 2.6 |  |  | $ | 2.5 |

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