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Post-Retirement Health Care | 12 Months Ended
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Jan. 01, 2022
Retirement Benefits [Abstract] |
Post-Retirement Health Care | Post-Retirement Health CareThe Corporation offers a fixed subsidy to certain retirees who choose to participate in a third party insurance plan selected by the Corporation. Guidance on employers’ accounting for other post-retirement plans requires recognition of the overfunded or underfunded status on the balance sheet. Under this guidance, gains and losses, prior service costs and credits, and any remaining transition amounts under previous guidance not yet recognized through net periodic benefit cost are recognized in accumulated other comprehensive income (loss), net of tax effects, until they are amortized as a component of net periodic benefit cost. Also, the measurement date – the date at which the benefit obligation and plan assets are measured – is required to be the Corporation’s fiscal year-end. The following table sets forth the activity and reporting location of the benefit obligation and plan assets (in thousands):
| 2021 |  | 2020
Change in benefit obligation |  |  |
Benefit obligation at beginning of year | $ | 23,403 |  |  | $ | 21,818 |
Service cost | 597 |  |  | 777 |
Interest cost | 549 |  |  | 675 |
Benefits paid | (1,073) |  |  | (1,204) |
Actuarial loss (gain) | (225) |  |  | 1,337 |
Benefit obligation at end of year | $ | 23,251 |  |  | $ | 23,403 |
Change in plan assets |  |  |
Fair value at beginning of year | $ | — |  |  | $ | — |
Actual return on assets | — |  |  | — |
Employer contribution | 1,073 |  |  | 1,204 |
Transferred out | — |  |  | — |
Benefits paid | (1,073) |  |  | (1,204) |
Fair value at end of year | $ | — |  |  | $ | — |
Funded Status of Plan | $ | (23,251) |  |  | $ | (23,403) |
Amounts recognized in the Statement of Financial Position consist of: |  |  |
Current liabilities | $ | 1,128 |  |  | $ | 1,039 |
Non-current liabilities | $ | 22,123 |  |  | $ | 22,364 |
Amounts recognized in Accumulated Other Comprehensive Income (Loss) (before tax) consist of: |  |  |
Actuarial loss | $ | 3,294 |  |  | $ | 3,701 |
Change in Accumulated Other Comprehensive Income (Loss) (before tax): |  |  |
Amount disclosed at beginning of year | $ | 3,701 |  |  | $ | 2,384 |
Actuarial loss (gain) | (225) |  |  | 1,337 |
Amortization of transition amount | (182) |  |  | (20) |
Amount disclosed at end of year | $ | 3,294 |  |  | $ | 3,701 |
Estimated future benefit payments are as follows (in thousands):
Fiscal 2022 | $ | 1,128 |
Fiscal 2023 | $ | 1,119 |
Fiscal 2024 | $ | 1,098 |
Fiscal 2025 | $ | 1,118 |
Fiscal 2026 | $ | 1,147 |
Fiscal 2027 - 2031 | $ | 6,528 |
Expected contributions are as follows (in thousands):
Fiscal 2022 | $ | 1,128 |
The discount rate is set at the measurement date to reflect the yield of a portfolio of high quality, fixed income debt instruments. The discount rate used was as follows:
| 2021 |  | 2020 |  | 2019
Discount rate | 2.8 | % |  | 2.4 | % |  | 3.2 | %

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