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Employee Retirement Savings Plan and Deferred Compensation Plan
6 Months Ended
Oct. 18, 2015
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]  
Employee Retirement Savings Plan and Deferred Compensation Plan
Employee Retirement Savings Plan and Deferred Compensation Plan
The Employee Retirement Savings Plan. We sponsor the Cyberonics, Inc. Employee Retirement Savings Plan (the “Savings Plan”), which qualifies under Section 401(k) of the IRC. We match 50% of employees’ contributions up to 6% of eligible compensation, subject to a five-year vesting period that starts on the date of employment. We incurred expenses for these contributions of $1,029,000 and $993,000 for the twenty-five and twenty-six weeks ended October 18, 2015 and October 24, 2014, respectively.
The Deferred Compensation Plan.  We offer the Cyberonics, Inc. Non-Qualified Deferred Compensation Plan (the “Deferred Compensation Plan”) to a group consisting of certain members of middle and senior management. The Deferred Compensation Plan is an arrangement intended to be exempt from the requirements of Title I of the Employee Retirement Income Security Act of 1974 and in compliance with Section 409A of the Internal Revenue Code (“IRC”). As part of our overall compensation program, the Deferred Compensation Plan provides an opportunity for the group to defer up to 50% of their annual base salary and commissions and 100% of their bonus or performance-based compensation until the earlier of (i) termination of employment or (ii) an elected distribution date. In addition, we match 50% of the contributions of non-officer members of the group up to 6% of eligible compensation, subject to a five-year vesting period that starts on the date of employment.  Employee deductions and company contributions result in a liability; refer to “Note 8. Long-Term Liabilities”. We incurred expenses for this plan, based on the company match of $57,000 and $36,000 for the twenty-five and twenty-six weeks ended October 18, 2015 and October 24, 2014, respectively.
Belgium Defined Contribution Pension Plan. We offer a defined contribution pension plan to our Belgium employees. Belgium law requires certain minimum plan returns, and we are responsible for required minimum returns in excess of the plan administrator’s guaranteed returns. We recognized $216,000 of pension expense for this obligation for the twenty-five weeks ended October 18, 2015. In addition, we match employee contributions with certain limits and, as a result, we incurred pension expense of $75,000 and $109,000 for the twenty-five and twenty-six weeks ended October 18, 2015 and October 24, 2014, respectively.