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RETIREMENT PLANS | 12 Months Ended
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Mar. 28, 2015
Compensation and Retirement Disclosure [Abstract] |
RETIREMENT PLANS | RETIREMENT PLANS Defined Contribution Plans We have a Savings Plus Plan that is a 401(k) plan that allows our U.S. employees to accumulate savings on a pre-tax basis. In addition, matching contributions are made to the Plan based upon pre-established rates. Our matching contributions amounted to approximately $5.8 million in 2015, $6.2 million in 2014, and $4.9 million in 2013. Upon Board approval, additional discretionary contributions can also be made. No discretionary contributions were made for the Savings Plan in fiscal 2015, 2014, or 2013. Some of our subsidiaries also have defined contribution plans, to which both the employee and the employer make contributions. The employer contributions to these plans totaled $1.0 million, $0.8 million, and $2.4 million in fiscal 2015, 2014, and 2013, respectively. Defined Benefit Plans ASC Topic 715, Compensation — Retirement Benefits, requires an employer to: (a) recognize in its statement of financial position an asset for a plan’s over-funded status or a liability for a plan’s under-funded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize changes in the funded status of a defined benefit post retirement plan in the year in which the changes occur. Accordingly, the Company is required to report changes in its funded status in comprehensive income on its Statement of Stockholders’ Equity and Comprehensive Income. Benefits under these plans are generally based on either career average or final average salaries and creditable years of service as defined in the plans. The annual cost for these plans is determined using the projected unit credit actuarial cost method that includes actuarial assumptions and estimates which are subject to change. Some of the our foreign subsidiaries have defined benefit pension plans covering substantially all full time employees at those subsidiaries. Net periodic benefit costs for the plans in the aggregate include the following components:
(In thousands) | March 28, 2015 |  | March 29, 2014 |  | March 30, 2013
Service cost | $ | 2,979 |  |  | $ | 3,351 |  |  | $ | 2,759 |
Interest cost on benefit obligation | 686 |  |  | 623 |  |  | 639 |
Expected (return)/loss on plan assets | (449 | ) |  | (435 | ) |  | (413 | )
Actuarial loss/(gain) | 107 |  |  | 88 |  |  | 196 |
Amortization of unrecognized prior service cost | (29 | ) |  | 182 |  |  | (14 | )
Amortization of unrecognized transition obligation | 45 |  |  | 47 |  |  | 48 |
Totals | $ | 3,339 |  |  | $ | 3,856 |  |  | $ | 3,215 |
The activity under those defined benefit plans are as follows:
(In thousands) | March 28, 2015 |  | March 29, 2014
Change in Benefit Obligation: |  |  |  |  |
Benefit Obligation, beginning of year | $ | (32,621 | ) |  | $ | (30,126 | )
Service cost | (2,979 | ) |  | (3,351 | )
Interest cost | (686 | ) |  | (623 | )
Benefits paid | 4,902 |  |  | 4,474 |
Actuarial (loss)/gain | (6,883 | ) |  | 55 |
Employee and plan participants contribution | (2,978 | ) |  | (2,963 | )
Plan Amendments | 114 |  |  | 419 |
Foreign currency changes | 564 |  |  | (506 | )
Benefit obligation, end of year | $ | (40,567 | ) |  | $ | (32,621 | )
Change in Plan Assets: |  |  |  |  |
Fair value of plan assets, beginning of year | $ | 19,981 |  |  | $ | 19,577 |
Company contributions | 2,112 |  |  | 2,241 |
Benefits paid | (4,621 | ) |  | (4,641 | )
Gain/(Loss) on plan assets | 506 |  |  | 100 |
Employee and plan participants contributions | 2,851 |  |  | 3,087 |
Foreign currency changes | 2,336 |  |  | (383 | )
Fair value of Plan Assets, end of year | $ | 23,165 |  |  | $ | 19,981 |
Funded Status | $ | (17,402 | ) |  | $ | (12,640 | )
Unrecognized net actuarial loss/(gain) | 11,096 |  |  | 5,899 |
Unrecognized initial obligation | 64 |  |  | 94 |
Unrecognized prior service cost | (459 | ) |  | (422 | )
Net amount recognized | $ | (6,701 | ) |  | $ | (7,069 | )
One of the benefit plans is funded by benefit payments made by the Company. Accordingly that plan has no assets included in the information presented above. The total liability for this plan was $9.2 million and $7.4 million as of March 28, 2015 and March 29, 2014, respectively. The accumulated benefit obligation for all plans was $34.9 million and $30.9 million for the fiscal year ended March 28, 2015 and March 29, 2014, respectively. The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with an accumulated benefit obligation in excess of plan assets were $40.6 million, $34.9 million and $23.2 million, respectively, as of March 28, 2015 and $32.6 million, $30.9 million and $20.0 million, respectively, as of March 29, 2014. There were no plans where the plan assets were greater than the accumulated benefit obligation as of March 28, 2015 and March 29, 2014. The components of the change recorded in our accumulated other comprehensive income related to our defined benefit plans, net of tax, are as follows (in thousands):
Balance, March 31, 2012 | $ | (4,253 | )
Obligation at transition | 556 |
Actuarial loss | (1,237 | )
Prior service cost | (139 | )
Balance as of March 30, 2013 | $ | (5,073 | )
Obligation at transition | 172 |
Actuarial loss | (129 | )
Prior service cost | 438 |
Balance as of March 29, 2014 | $ | (4,592 | )
Obligation at transition | (19 | )
Actuarial loss | (6,198 | )
Prior service cost | 1,886 |
Balance as of March 28, 2015 | $ | (8,923 | )
We expect to amortize $0.6 million from accumulated other comprehensive loss during 2016. The weighted average rates used to determine the net periodic benefit costs and projected benefit obligations were as follows:
| March 28, 2015 |  | March 29, 2014 |  | March 30, 2013
Discount rate | 0.93 | % |  | 2.02 | % |  | 1.97 | %
Rate of increased salary levels | 1.65 | % |  | 1.57 | % |  | 1.42 | %
Expected long-term rate of return on assets | 1.68 | % |  | 1.94 | % |  | 1.92 | %
Assumptions for expected long-term rate of return on plan assets are based upon actual historical returns, future expectations of returns for each asset class and the effect of periodic target asset allocation rebalancing. The results are adjusted for the payment of reasonable expenses of the plan from plan assets. We have no other material obligation for post-retirement or post-employment benefits. Our investment policy for pension plans is to balance risk and return through a diversified portfolio to reduce interest rate and market risk. Maturities are managed so that sufficient liquidity exists to meet immediate and future benefit payment requirements. ASC Topic 820, Fair Value Measurements and Disclosures, provides guidance for reporting and measuring the plan assets of our defined benefit pension plan at fair value as of March 28, 2015. Using the same three-level valuation hierarchy for disclosure of fair value measurements as described in Note 7, all of the assets of the Company’s plan are classified within Level 2 of the fair value hierarchy because the plan assets are primarily insurance contracts. Expected benefit payments for both plans are estimated using the same assumptions used in determining the company’s benefit obligation at March 28, 2015. Benefit payments will depend on future employment and compensation levels, average years employed and average life spans, among other factors, and changes in any of these factors could significantly affect these estimated future benefit payments. Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows (in thousands):
Expected Benefit Payments |  |
Fiscal Year 2016 | $ | 1,735 |
Fiscal Year 2017 | $ | 1,654 |
Fiscal Year 2018 | $ | 1,502 |
Fiscal Year 2019 | $ | 1,610 |
Fiscal Year 2020 | $ | 1,732 |
Fiscal Year 2021-2024 | $ | 7,493 |
The Company's contributions for fiscal 2016 are expected to be consistent with the current year.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
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