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Retirement Plan (Tables)

12 Months Ended

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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