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EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 28, 2015
EMPLOYEE BENEFIT PLANS [Abstract]  
EMPLOYEE BENEFIT PLANS

NOTE 5 - EMPLOYEE BENEFIT PLANS

 

Defined-Benefit Plans

 

In December 2014, the Company fully funded and terminated its hourly and salaried defined-benefit pension plans in accordance with Internal Revenue Service and Pension Benefit Guaranty Corporation requirements. Plan participants were not adversely affected by the plan terminations, but rather had their benefits either converted into a lump sum cash payment or an annuity contract placed with an insurance carrier. Since the plans have been fully funded and settled, no cash contributions will be required in future years. 

 

Defined Contribution Plan

 

The Company sponsors a 401(k) plan that covers substantially all employees. The Company matches a certain portion of employee contributions using the safe harbor guidelines contained in the Internal Revenue Code. Expenses related to these matching contributions totaled $0.7 million and $1.2 million for the three months March 28, 2015 and March 29, 2014, respectively. The Company plans to contribute approximately $2.0 million to the plan in matching employee contributions during the remainder of 2015.

 

In addition, the Company provided supplemental discretionary contributions to the 401(k) plan totaling $1.2 million for the three months ended March 28, 2015, and $2.3 million for the three months ended March 29, 2014. The Company plans to contribute approximately $3.0 million in supplemental contributions to the plan during the remainder of 2015.