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EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 31, 2012
Compensation and Retirement Disclosure [Abstract]  
EMPLOYEE BENEFIT PLANS

NOTE 5 - EMPLOYEE BENEFIT PLANS

 

The Company has migrated its retirement benefit focus from defined benefit pension plans to defined contribution retirement plans, utilizing its current 401(k) plan.

 

In 2007, the Company amended its hourly and salaried defined benefit pension plans to freeze the benefits for current participants and to discontinue the plans for all future employees. All active participants became fully vested in the amount of benefit services accrued through December 31, 2007 and no benefits have accrued since that date. Currently, the Company provides supplemental discretionary contributions to substantially all employees’ individual 401(k) accounts.

 

In future years, the Company may be required to make cash contributions to the two defined benefit pension plans. The annual contributions will be based on the amount of the unfunded plan liabilities derived from the frozen benefits and will not include liabilities for any future accrued benefits for any new or existing participants. The total amount of these future cash contributions will depend on the investment returns generated by the plans’ assets and the then applicable discount rates used to calculate the plans’ liabilities.

 

Minimum contributions of approximately $3.0 million are required for the defined benefit plans for 2012. The Company contributed $2.0 million to the defined benefit plans in 2011. Contributions in the three months ended March 31, 2012 totaled $0.8 million.

 

The estimated cost of the frozen defined benefit plans for 2012 is not expected to be significant.

 

The supplemental discretionary contributions to the 401(k) plan totaled $0.7 million and $0.6 million for the three months ended March 31, 2012 and April 2, 2011, respectively. The Company plans to contribute approximately $2.0 million to the plan during the remainder of 2012.