XML 35 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 30, 2013
EMPLOYEE BENEFIT PLANS [Abstract]  
EMPLOYEE BENEFIT PLANS

NOTE 5 - EMPLOYEE BENEFIT PLANS

 

Defined Benefit Plans

 

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.

 

The Company plans to contribute approximately $3.0 million in 2013, which is expected to satisfy the required minimum contribution. Contributions in the three months ended March 30, 2013 totaled $0.8 million.

 

The estimated cost of the frozen defined benefit plans for 2013 is not expected to be significant.

 

Defined Contribution Plan

 

Effective January 1, 2007, the Company modified the terms of its 401(k) plan and now matches a certain portion of employee contributions. Expenses related to these matching contributions totaled $0.7 million for the three months ended March 30, 2013, and $0.8 million for the three months ended March 31, 2012. The Company plans to contribute approximately $2.0 million to the plan in matching employee contributions during the remainder of 2013.

 

In addition, the Company provided supplemental discretionary contributions to the 401(k) plan totaling $1.0 million for the three months ended March 30, 2013, and $0.7 million for the three months ended March 31, 2012. The Company plans to contribute supplemental contributions to the plan of approximately $3.0 million during the remainder of 2013.