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Note 14 - Benefit Plans | 6 Months Ended
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Jul. 02, 2023
Notes to Financial Statements |
Defined Benefit Plan [Text Block] |
14. | BENEFIT PLANS
On January 28, 2022, the Company approved the termination of its defined benefit pension plan (the "Plan"), effective March 31, 2022. The final distribution of the Plan's assets pursuant to the termination was made in the fourth quarter of 2022 when the plan termination satisfied all regulatory requirements. Plan participants received their accrued benefits from plan assets by electing either lump sum distributions or annuity contracts with a qualifying third-party annuity provider. The following table provides the components of net periodic benefit cost for the 13-week and 26-week periods ended July 3, 2022:
|  | For the thirteen weeks ended |  |  | For the twenty-six weeks ended |
|  | July 3, 2022 |  |  | July 3, 2022 |
Components of expense: |  |  |  |  |  |  |  |
Service cost |  | $ | 27 |  |  | $ | 54 |
Interest cost |  |  | 32 |  |  |  | 64 |
Expected return on plan assets |  |  | (52 | ) |  |  | (104 | )
Net periodic benefit cost |  | $ | 7 |  |  | $ | 14 |
The Company's contributions to the Plan were $150 for the 26-week period ended July 3, 2022. The Company made matching contributions totaling $565 and $1,156 to its 401(k) plan during the 13-week periods ended July 2, 2023 and July 3, 2022, respectively. The Company made matching contributions totaling $1,140 and $1,844 to its 401(k) plan during the 26-week periods ended July 2, 2023 and July 3, 2022, respectively.

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