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Employee Retirement Plans | 6 Months Ended
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Jun. 27, 2020
Employee Retirement Plans |
P. | Employee Retirement Plans
The Company has one company-sponsored defined benefit pension plan that covers certain of its union employees. It was established in 1991 and is open to all union employees who are covered by the Company’s collective bargaining agreement with Teamsters Local Union No. 1199 (“Local Union 1199”). As of December 28, 2019, the fair value of the plan assets was $3.9 million and the benefit obligation was $6.7 million. On April 21, 2019, the Company reached an agreement with the Local Union 1199 to terminate the Local Union No. 1199 Pension Plan effective January 1, 2020 through either lump sum payments or the purchase of third - party annuities. On May 28, 2020, the Company received a positive determination letter for the termination on the plan from the IRS. In the fourth quarter of 2020 the Company expects to complete the termination of the plan and record an expense of approximately $2.3 million as a result of the termination.

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