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Retirement Plan (Tables)

12 Months Ended

Jun. 25, 2020

Retirement Benefits [Abstract]

Changes in Projected Benefit Obligation

The following table presents the changes in the projected benefit obligation for the fiscal years ended:

		June 25, 2020				June 27, 2019
Change in projected benefit obligation
Projected benefit obligation at beginning of year		$	25,382			$	21,934
Service cost			712				610
Interest cost			892				895
Actuarial loss			5,872				2,597
Benefits paid			(654	)			(654	)
Projected benefit obligation at end of year		$	32,204			$	25,382

Components of Actuarial (Gain) Loss Portion of Change in Projected Benefit Obligation

Components of the actuarial loss (gain) portion of the change in projected benefit obligation are presented below for the fiscal years ended:

		June 25, 2020				June 27, 2019				June 28, 2018
Actuarial Loss (Gain)
Change in assumed pay increases		$	2,352			$	293			$	(56	)
Change in discount rate			4,285				2,174				(523	)
Change in mortality assumptions			(1,083	)			(69	)			(117	)
Other			318				199				185
Actuarial loss (gain)		$	5,872			$	2,597			$	(511	)

Schedule of Net Periodic Pension Cost

The components of the net periodic pension cost are as follows for the fiscal years ended:

		June 25, 2020				June 27, 2019				June 28, 2018
Service cost		$	712			$	610			$	607
Interest cost			892				895				851
Recognized loss amortization			417				95				162
Prior service cost amortization			957				957				957
Net periodic pension cost		$	2,978			$	2,557			$	2,577

Assumptions to Calculate Benefit Obligation and Net Periodic Costs of SERP

We used the following assumptions to calculate the benefit obligation of our SERP as of the following dates:

		June 25, 2020			June 27, 2019
Discount rate		2.69%			3.56%
Average rate of compensation increases		3.38%			4.13%
Bonus payment		60% - 95% of base, paid 4 of 5 years			60% - 85% of base, paid 4 of 5 years

We used the following assumptions to calculate the net periodic costs of our SERP as follows for the fiscal years ended:

		June 25, 2020			June 27, 2019			June 28, 2018
Discount rate		3.56%			4.14%			3.99%
Rate of compensation increases		4.13%			3.38%			4.50%
Mortality		RP-2014 white collar with MP- 2018 scale			RP-2014 white collar with MP- 2017 scale			RP-2014 white collar with MP- 2016 scale
Bonus payment		60% - 85% of base, paid 4 of 5 years			60% - 85% of base, paid 4 of 5 years			60% - 85% of base, paid 4 of 5 years

Benefits Expected to be Paid in Next Ten Fiscal Years

The following table presents the benefits expected to be paid in the next ten fiscal years:

Fiscal year
2021		$	631
2022			758
2023			704
2024			650
2025			1,257
2026 — 2030			6,999

Components of AOCL

The following table presents the components of AOCL that have not yet been recognized in net pension expense:

		June 25, 2020				June 27, 2019
Unrecognized net loss		$	(10,909	)		$	(5,453	)
Unrecognized prior service cost			(478	)			(1,435	)
Tax effect			2,757				2,563
Net amount unrecognized		$	(8,630	)		$	(4,325	)

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