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Retirement Plan (Tables)
12 Months Ended
Jun. 27, 2024
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 27,
2024

 

 

June 29,
2023

 

Change in projected benefit obligation

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

28,017

 

 

$

29,511

 

Service cost

 

 

251

 

 

 

801

 

Interest cost

 

 

1,400

 

 

 

1,366

 

Actuarial gain

 

 

(1,663

)

 

 

(3,007

)

Benefits paid

 

 

(1,143

)

 

 

(654

)

Projected benefit obligation at end of year

 

$

26,862

 

 

$

28,017

 

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 27,
2024

 

 

June 29,
2023

 

 

June 30,
2022

 

Actuarial Gain

 

 

 

 

 

 

 

 

 

Change in assumed pay increases

 

$

1,418

 

 

$

(70

)

 

$

1,698

 

Change in discount rate

 

 

(1,138

)

 

 

(1,584

)

 

 

(8,184

)

Change in mortality assumptions

 

 

 

 

 

 

 

 

75

 

Other

 

 

(1,943

)

 

 

(1,353

)

 

 

(979

)

Actuarial gain

 

$

(1,663

)

 

$

(3,007

)

 

$

(7,390

)

Schedule of Net Periodic Pension Cost

The components of the net periodic pension cost are as follows for the fiscal years ended:

 

June 27,
2024

 

 

June 29,
2023

 

 

June 30,
2022

 

Service cost

 

$

251

 

 

$

801

 

 

$

991

 

Interest cost

 

 

1,400

 

 

 

1,366

 

 

 

1,018

 

Recognized loss amortization

 

 

 

 

 

28

 

 

 

1,455

 

Net periodic pension cost

 

$

1,651

 

 

$

2,195

 

 

$

3,464

 

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 27,
2024

 

June 29,
2023

Discount rate

 

5.45%

 

5.12%

Average rate of compensation increases

 

6.11%

 

4.50%

Bonus payment

 

45% - 115% 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 27,
2024

 

June 29,
2023

 

June 30,
2022

Discount rate

 

5.12%

 

4.68%

 

2.89%

Rate of compensation increases

 

4.50%

 

4.50%

 

3.38%

Mortality

 

Pri-2012 white collar with MP- 2021 scale

 

Pri-2012 white collar with MP- 2021 scale

 

Pri-2012 white collar with MP- 2020 scale

Bonus payment

 

45% - 110% of base, paid 4 of 5 years

 

45% - 110% of base, paid 4 of 5 years

 

45% - 110% 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

 

 

 

2025

 

$

708

 

2026

 

 

979

 

2027

 

 

843

 

2028

 

 

1,729

 

2029

 

 

1,694

 

2030 — 2034

 

 

9,236

 

Components of AOCL

The following table presents the components of accumulated other comprehensive income (loss) that have not yet been recognized in net pension expense:

 

June 27,
2024

 

 

June 29,
2023

 

Unrecognized net gain (loss)

 

$

1,623

 

 

$

(41

)

Tax effect

 

 

(579

)

 

 

(163

)

Net amount unrecognized

 

$

1,044

 

 

$

(204

)