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Retirement Plan | 12 Months Ended
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Jun. 29, 2023
Retirement Benefits [Abstract] |
Retirement Plan | NOTE 15 — RETIREMENT PLAN The Supplemental Employee Retirement Plan (“SERP”) is an unfunded, non-qualified benefit plan that will provide eligible participants with monthly benefits upon retirement, disability or death, subject to certain conditions. Benefits paid to retirees are based on age at retirement, years of credited service, and average compensation. We use our fiscal year end as the measurement date for the obligation calculation. Accounting guidance in ASC Topic 715, Compensation — Retirement Benefits, requires the recognition of the funded status of the SERP on the Consolidated Balance Sheet. Actuarial gains or losses, prior service costs or credits and transition obligations that have not yet been recognized are recorded as a component of “Accumulated Other Comprehensive Loss” (“AOCL”). The following table presents the changes in the projected benefit obligation for the fiscal years ended:
|  | June 29, 2023 |  |  | June 30, 2022 |
Change in projected benefit obligation |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 29,511 |  |  | $ | 35,547 |
Service cost |  |  | 801 |  |  |  | 991 |
Interest cost |  |  | 1,366 |  |  |  | 1,018 |
Actuarial gain |  |  | (3,007 | ) |  |  | (7,390 | )
Benefits paid |  |  | (654 | ) |  |  | (655 | )
Projected benefit obligation at end of year |  | $ | 28,017 |  |  | $ | 29,511 |
The accumulated benefit obligation, which represents benefits earned up to the measurement date, was $25,277 and $25,960 at June 29, 2023 and June 30, 2022, respectively. Components of the actuarial (gain) loss are presented below for the fiscal years ended:
|  | June 29, 2023 |  |  | June 30, 2022 |  |  | June 24, 2021 |
Actuarial (Gain) Loss |  |  |  |  |  |  |  |  |
Change in assumed pay increases |  | $ | (70 | ) |  | $ | 1,698 |  |  | $ | 3,319 |
Change in discount rate |  |  | (1,584 | ) |  |  | (8,184 | ) |  |  | (1,134 | )
Change in mortality assumptions |  |  | — |  |  |  | 75 |  |  |  | (329 | )
Other |  |  | (1,353 | ) |  |  | (979 | ) |  |  | 339 |
Actuarial (gain) loss |  | $ | (3,007 | ) |  | $ | (7,390 | ) |  | $ | 2,195 |
The components of the net periodic pension cost are as follows for the fiscal years ended:
|  | June 29, 2023 |  |  | June 30, 2022 |  |  | June 24, 2021 |
Service cost |  | $ | 801 |  |  | $ | 991 |  |  | $ | 944 |
Interest cost |  |  | 1,366 |  |  |  | 1,018 |  |  |  | 858 |
Recognized loss amortization |  |  | 28 |  |  |  | 1,455 |  |  |  | 1,183 |
Prior service cost amortization |  |  | — |  |  |  | — |  |  |  | 478 |
Net periodic pension cost |  | $ | 2,195 |  |  | $ | 3,464 |  |  | $ | 3,463 |
The most significant assumption related to our SERP is the discount rate used to calculate the actuarial present value of benefit obligations to be paid in the future. We used the following assumptions to calculate the benefit obligation of our SERP as of the following dates:
|  | June 29, 2023 |  | June 30, 2022
Discount rate |  | 5.12% |  | 4.68%
Average rate of compensation increases |  | 4.50% |  | 4.50%
Bonus payment |  | 45% - 110% of base, paid 4 of 5 years |  | 45% - 110% 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 29, 2023 |  | June 30, 2022 |  | June 24, 2021
Discount rate |  | 4.68% |  | 2.89% |  | 2.69%
Rate of compensation increases |  | 4.50% |  | 3.38% |  | 3.38%
Mortality |  | Pri-2012 white collar with MP- 2021 scale |  | Pri-2012 white collar with MP- 2020 scale |  | Pri-2012 white collar with MP- 2019 scale
Bonus payment |  | 45% - 110% of base, paid 4 of 5 years |  | 45% - 110% of base, paid 4 of 5 years |  | 60% - 95% of base, paid 4 of 5 years
The assumed discount rate is based, in part, upon a discount rate modeling process that considers both high quality long-term indices and the duration of the SERP relative to the durations implicit in the broader indices. The discount rate is utilized principally in calculating the actuarial present value of our obligation and periodic expense pursuant to the SERP. To the extent the discount rate increases or decreases, our SERP obligation is decreased or increased, respectively. The following table presents the benefits expected to be paid in the next ten fiscal years:
Fiscal Year |  |  |
2024 |  | $ | 1,364 |
2025 |  |  | 1,046 |
2026 |  |  | 1,282 |
2027 |  |  | 1,112 |
2028 |  |  | 1,900 |
2029 — 2033 |  |  | 8,595 |
At June 29, 2023 and June 30, 2022, the current portion of the SERP liability was $1,364 and $625, respectively, and recorded in the caption “Accrued payroll and related benefits” on the Consolidated Balance Sheets. The following table presents the components of AOCL that have not yet been recognized in net pension expense:
|  | June 29, 2023 |  |  | June 30, 2022 |
Unrecognized net loss |  | $ | (41 | ) |  | $ | (3,076 | )
Tax effect |  |  | (163 | ) |  |  | 596 |
Net amount unrecognized |  | $ | (204 | ) |  | $ | (2,480 | )

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