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Retirement Plan (Tables) | 12 Months Ended
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Jun. 24, 2021
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 24, 2021 |  |  | June 25, 2020 |
Change in projected benefit obligation |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 32,204 |  |  | $ | 25,382 |
Service cost |  |  | 944 |  |  |  | 712 |
Interest cost |  |  | 858 |  |  |  | 892 |
Actuarial loss |  |  | 2,195 |  |  |  | 5,872 |
Benefits paid |  |  | (654 | ) |  |  | (654 | )
Projected benefit obligation at end of year |  | $ | 35,547 |  |  | $ | 32,204 |
Components of Actuarial (Gain) Loss Portion of Change in Projected Benefit Obligation | Components of the actuarial loss portion of the change in projected benefit obligation are presented below for the fiscal years ended:
|  | June 24, 2021 |  |  | June 25, 2020 |  |  | June 27, 2019 |
Actuarial Loss |  |  |  |  |  |  |  |  |  |  |  |
Change in assumed pay increases |  | $ | 3,319 |  |  | $ | 2,352 |  |  | $ | 293 |
Change in discount rate |  |  | (1,134 | ) |  |  | 4,285 |  |  |  | 2,174 |
Change in mortality assumptions |  |  | (329 | ) |  |  | (1,083 | ) |  |  | (69 | )
Other |  |  | 339 |  |  |  | 318 |  |  |  | 199 |
Actuarial loss |  | $ | 2,195 |  |  | $ | 5,872 |  |  | $ | 2,597 |
Schedule of Net Periodic Pension Cost | The components of the net periodic pension cost are as follows for the fiscal years ended:
|  | June 24, 2021 |  |  | June 25, 2020 |  |  | June 27, 2019 |
Service cost |  | $ | 944 |  |  | $ | 712 |  |  | $ | 610 |
Interest cost |  |  | 858 |  |  |  | 892 |  |  |  | 895 |
Recognized loss amortization |  |  | 1,183 |  |  |  | 417 |  |  |  | 95 |
Prior service cost amortization |  |  | 478 |  |  |  | 957 |  |  |  | 957 |
Net periodic pension cost |  | $ | 3,463 |  |  | $ | 2,978 |  |  | $ | 2,557 |
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 24, 2021 |  | June 25, 2020
Discount rate |  | 2.89% |  | 2.69%
Average rate of compensation increases |  | 3.38% |  | 3.38%
Bonus payment |  | 45% - 110% of base, paid 4 of 5 years |  | 60% - 95% 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 24, 2021 |  | June 25, 2020 |  | June 27, 2019
Discount rate |  | 2.69% |  | 3.56% |  | 4.14%
Rate of compensation increases |  | 3.38% |  | 4.13% |  | 3.38%
Mortality |  | Pri-2012 white collar with MP- 2019 scale |  | RP-2014 white collar with MP- 2018 scale |  | RP-2014 white collar with MP- 2017 scale
Bonus payment |  | 60% - 95% 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 |  |  |
2022 |  | $ | 628 |
2023 |  |  | 762 |
2024 |  |  | 703 |
2025 |  |  | 1,420 |
2026 |  |  | 1,355 |
2027 — 2031 |  |  | 8,404 |
Components of AOCL | The following table presents the components of AOCL that have not yet been recognized in net pension expense:
|  | June 24, 2021 |  |  | June 25, 2020 |
Unrecognized net loss |  | $ | (11,921 | ) |  | $ | (10,909 | )
Unrecognized prior service cost |  |  | — |  |  |  | (478 | )
Tax effect |  |  | 2,896 |  |  |  | 2,757 |
Net amount unrecognized |  | $ | (9,025 | ) |  | $ | (8,630 | )

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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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