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Retirement Plan (Tables) | 12 Months Ended
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Jun. 29, 2023
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 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 |
Components of Actuarial (Gain) Loss Portion of Change in Projected Benefit Obligation | 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 |
Schedule of Net Periodic Pension Cost | 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 |
Assumptions to Calculate Benefit Obligation and Net Periodic Costs of SERP | 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
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 |  |  |
2024 |  | $ | 1,364 |
2025 |  |  | 1,046 |
2026 |  |  | 1,282 |
2027 |  |  | 1,112 |
2028 |  |  | 1,900 |
2029 — 2033 |  |  | 8,595 |
Components of AOCL | 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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