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Employee and Retiree Benefits | 6 Months Ended
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Feb. 27, 2016
Compensation and Retirement Disclosure [Abstract] |
Employee and Retiree Benefits | Employee and Retiree Benefits Postretirement health care and deferred compensation benefits are as follows:
(In thousands) |  | February 27, 2016 |  | August 29, 2015
Postretirement health care benefit cost |  | $ | 5,707 |  |  | $ | 34,535 |
Non-qualified deferred compensation |  | 18,711 |  |  | 19,508 |
Executive share option plan liability |  | 3,639 |  |  | 4,788 |
SERP benefit liability |  | 2,737 |  |  | 2,649 |
Executive deferred compensation |  | 338 |  |  | 299 |
Officer stock-based compensation |  | 211 |  |  | 242 |
Total postretirement health care and deferred compensation benefits |  | 31,343 |  |  | 62,021 |
Less current portion |  | (4,771 | ) |  | (4,931 | )
Long-term postretirement health care and deferred compensation benefits |  | $ | 26,572 |  |  | $ | 57,090 |
Postretirement Health Care Benefits We provide certain health care and other benefits for retired employees hired before April 1, 2001, who have fulfilled eligibility requirements at age 55 with 15 years of continuous service. We use a September 1 measurement date for this plan and our postretirement health care plan currently is not funded. In Fiscal 2005, through a plan amendment, we established dollar caps on the amount that we will pay for postretirement health care benefits per retiree on an annual basis so that we were not exposed to continued medical inflation. Retirees are required to pay a monthly premium in excess of the employer dollar caps for medical coverage based on years of service and age at retirement. Each year from 2012 to 2015, the employer established dollar caps were reduced by 10% through plan amendments. On September 28, 2015, we announced a plan amendment to our postretirement health care benefits. On January 1, 2016, postretirement health care benefits were discontinued for retirees age 65 and over. We will fund up to a $700,000 health reimbursement account in calendar 2016 to assist retirees over age 65 with medical expenses. The plan amendment also includes a 10% reduction in employer paid premiums for retirees under age 65. As a result of these amendments, our liability for postretirement health care was reduced as presented in the following table.
Date | Event |  | Dollar Cap Reduction | Liability Reduction (In thousands) | Amortization Period(1)
Fiscal 2005 | Established employer dollar caps |  |  | $ | 40,414 |  | 11.5 | years
January 2012 | Reduced employer dollar caps |  | 10% | 4,598 |  | 7.8 | years
January 2013 | Reduced employer dollar caps |  | 10% | 4,289 |  | 7.5 | years
January 2014 | Reduced employer dollar caps |  | 10% | 3,580 |  | 7.3 | years
January 2015 | Reduced employer dollar caps |  | 10% | 3,960 |  | 7.1 | years
January 2016 (2) | Reduce employer dollar caps for retirees under age 65; discontinue retiree benefits for retirees age 65 and over |  | 10% | 28,596 |  | 6.9 | years
(1) Plan amendments are amortized on a straight-line basis over the expected remaining service period of active plan participants. (2) In accordance with ASC 715, the effects of the plan amendment are accounted for at the date the amendment is adopted and has been communicated to plan participants. The effective date for this plan amendment was September 28, 2015. Net periodic postretirement benefit income consisted of the following components:
|  | Three Months Ended |  | Six Months Ended
(In thousands) |  | February 27, 2016 |  | February 28, 2015 |  | February 27, 2016 |  | February 28, 2015
Interest cost |  | $ | 58 |  |  | $ | 332 |  |  | $ | 211 |  |  | $ | 685 |
Service cost |  | 23 |  |  | 103 |  |  | 63 |  |  | 213 |
Amortization of prior service benefit |  | (2,008 | ) |  | (1,327 | ) |  | (3,720 | ) |  | (2,620 | )
Amortization of net actuarial loss |  | 415 |  |  | 351 |  |  | 782 |  |  | 667 |
Net periodic postretirement benefit income |  | $ | (1,512 | ) |  | $ | (541 | ) |  | $ | (2,664 | ) |  | $ | (1,055 | )
Payments for postretirement health care |  | $ | 278 |  |  | $ | 225 |  |  | $ | 506 |  |  | $ | 476 |

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