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Retirement Plan (Tables)

12 Months Ended

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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