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Pension Plans and Other Postretirement Benefits
 9 Months Ended
Jun. 29, 2024
Retirement Benefits [Abstract]  
Pension Plans and Other Postretirement Benefits
15.
Pension Plans and Other Postretirement Benefits

The following table provides the components of net periodic benefit costs:

 

 

Pension Benefits

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 29,

 

 

June 24,

 

 

June 29,

 

 

June 24,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Interest cost

 

$

805

 

 

$

827

 

 

$

2,414

 

 

$

2,480

 

Expected return on plan assets

 

 

(314

)

 

 

(339

)

 

 

(943

)

 

 

(1,016

)

Amortization of net loss

 

 

425

 

 

 

482

 

 

 

1,276

 

 

 

1,445

 

Pension settlement charge

 

 

550

 

 

 

—

 

 

 

550

 

 

 

—

 

Net periodic benefit cost

 

$

1,466

 

 

$

970

 

 

$

3,297

 

 

$

2,909

 

 

 

 

Postretirement Benefits

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 29,

 

 

June 24,

 

 

June 29,

 

 

June 24,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Interest cost

 

$

35

 

 

$

41

 

 

$

107

 

 

$

124

 

Amortization of prior service credits

 

 

(64

)

 

 

(124

)

 

 

(194

)

 

 

(373

)

Amortization of net (gain)

 

 

(192

)

 

 

(194

)

 

 

(575

)

 

 

(581

)

Net periodic benefit cost

 

$

(221

)

 

$

(277

)

 

$

(662

)

 

$

(830

)

 

The Partnership expects to contribute approximately $4,000 to the defined benefit pension plan during fiscal 2024, of which $3,000 was contributed during the nine months ended June 29, 2024. The projected annual contribution requirements related to the Partnership’s postretirement health care and life insurance benefit plan for fiscal 2024 is $422, of which $256 was contributed during the nine months ended June 29, 2024. During the third quarter of fiscal 2024, lump sum pension settlement payments exceeded the settlement threshold (combined service and interest costs of net periodic pension cost) of $3,218, which required the Partnership to recognize a non-cash settlement charge of $550. This non-cash charge was required to accelerate recognition of a portion of cumulative unamortized losses in the defined benefit pension plans. The components of net periodic benefit cost are included in the line item “Other, net” in the condensed consolidated statements of operations.

The Partnership contributes to multi-employer pension plans (“MEPPs”) in accordance with various collective bargaining agreements covering union employees. As one of the many participating employers in these MEPPs, the Partnership is responsible with the other participating employers for any plan underfunding. As of June 29, 2024 and September 30, 2023, the Partnership’s estimated obligation to these MEPPs was $20,389 and $21,398, respectively, as a result of its voluntary full withdrawal from certain MEPPs.