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Employee Benefits | 12 Months Ended
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Apr. 30, 2022
Retirement Benefits [Abstract] |
Employee Benefits | Employee Benefits The table below summarizes the total costs associated with our employee retirement and welfare plans.
|  | Fiscal Year Ended
|  | (53 weeks) |  | (52 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/30/2022 |  | 4/24/2021 |  | 4/25/2020
401(k) Retirement Plan (1) |  | $ | 11,763 |  |  | $ | 7,313 |  |  | $ | 9,380 |
Performance Compensation Retirement Plan |  | 1,654 |  |  | 3,810 |  |  | 1,115 |
Deferred Compensation Plan |  | 242 |  |  | 24 |  |  | 719 |
Non-Qualified Defined Benefit Retirement Plan (2) |  | 763 |  |  | 803 |  |  | 796 |
(1)Increase in fiscal 2022 compared with fiscal 2021 is primarily due to the temporary freeze on matching contributions started during the fourth quarter of fiscal 2020 as part of our COVID-19 action plan. Matching contributions were reinstated during the second quarter of fiscal 2021. (2)Primarily related to interest cost. 401(k) Retirement Plan. Voluntary 401(k) retirement plans are offered to eligible employees within certain U.S. operating units. For most operating units, we make matching contributions based on specific formulas. Performance Compensation Retirement Plan. A performance compensation retirement plan ("PCRP") is maintained for eligible highly compensated employees. The Company contributions to the plan are based on achievement of performance targets. Employees vest in these contributions if they achieve certain age and years of service with the Company, and can elect to receive benefit payments over a period ranging between five to twenty years after they leave the Company. Further information related to the plan is as follows:
(Amounts in thousands) |  | 4/30/2022 |  | 4/24/2021
Short-term obligation included in other current liabilities |  | $ | 1,922 |  |  | $ | 716 |
Long-term obligation included in other long-term liabilities |  | 13,898 |  |  | 15,194 |
Executive Deferred Compensation Plan. We maintain an executive deferred compensation plan for eligible highly compensated employees, an element of which may include Company contributions. Further information related to the plan is as follows:
(Amounts in thousands) |  | 4/30/2022 |  | 4/24/2021
Plan obligation included in other long-term liabilities |  | $ | 24,595 |  |  | $ | 26,548 |
Cash surrender value on life insurance contracts included in other long-term assets (1) |  | 42,699 |  |  | 41,133 |
(1)Life insurance contracts are related to the Executive Deferred Compensation Plan and the PCRP. Non-Qualified Defined Benefit Retirement Plan. We maintain a non-qualified defined benefit retirement plan for certain former salaried employees. We hold available-for-sale marketable securities to fund future obligations of this plan in a Rabbi trust (refer to Note 8, Investments, and Note 20, Fair Value Measurements, for additional information on these investments). We are not required to fund the non-qualified defined benefit retirement plan in fiscal 2023; however, we have the discretion to make contributions to the Rabbi trust. Further information related to the plan is as follows:
(Amounts in thousands) |  | 4/30/2022 |  | 4/24/2021
Short-term plan obligation included in other current liabilities |  | $ | 1,059 |  |  | $ | 1,066 |
Long-term plan obligation included in other long-term liabilities |  | 12,461 |  |  | 14,717 |
Discount rate used to determine obligation |  | 4.3 | % |  | 3.0 | %
|  | Fiscal Year Ended
|  | (53 weeks) |  | (52 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/30/2022 |  | 4/24/2021 |  | 4/25/2020
Actuarial loss recognized in AOCI |  | $ | 306 |  |  | $ | 347 |  |  | $ | 218 |
Benefit payments (1) |  | 1,182 |  |  | 1,091 |  |  | 1,091 |
(1)Benefit payments are scheduled to be between $1.0 million and $1.1 million annually for the next 10 years.

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