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Employee Benefits | 12 Months Ended
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Apr. 29, 2023
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
|  | (52 weeks) |  | (53 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/29/2023 |  | 4/30/2022 |  | 4/24/2021
401(k) Retirement Plan |  | $ | 12,877 |  |  | $ | 11,763 |  |  | $ | 7,313 |
Performance Compensation Retirement Plan |  | 160 |  |  | 1,654 |  |  | 3,810 |
Deferred Compensation Plan |  | 202 |  |  | 242 |  |  | 24 |
Non-Qualified Defined Benefit Retirement Plan (1) |  | 748 |  |  | 763 |  |  | 803 |
(1)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. Beginning in fiscal 2023, contributions into the plan are no longer being made. Prior year contributions were based on achievement of performance targets. Employees vest in these prior period 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. While the Company no longer makes contributions, the outstanding liability balance related to the plan is as follows:
(Amounts in thousands) |  | 4/29/2023 |  | 4/30/2022
Short-term obligation included in other current liabilities |  | $ | 2,103 |  |  | $ | 1,922 |
Long-term obligation included in other long-term liabilities |  | 11,895 |  |  | 13,898 |
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) |  | 4/29/2023 |  | 4/30/2022
Plan obligation included in other long-term liabilities |  | $ | 21,689 |  |  | $ | 24,595 |
Cash surrender value on life insurance contracts included in other long-term assets (1) |  | 40,723 |  |  | 42,699 |
(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 2024; however, we have the discretion to make contributions to the Rabbi trust. Further information related to the plan is as follows:
(Amounts in thousands) |  | 4/29/2023 |  | 4/30/2022
Short-term plan obligation included in other current liabilities |  | $ | 1,053 |  |  | $ | 1,059 |
Long-term plan obligation included in other long-term liabilities |  | 11,053 |  |  | 12,461 |
Discount rate used to determine obligation |  | 5.3 | % |  | 4.3 | %
|  | Fiscal Year Ended
|  | (52 weeks) |  | (53 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/29/2023 |  | 4/30/2022 |  | 4/24/2021
Actuarial loss recognized in AOCI |  | $ | 193 |  |  | $ | 306 |  |  | $ | 347 |
Benefit payments (1) |  | 1,091 |  |  | 1,182 |  |  | 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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