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Note 14 - Employee Retirement Plans
 12 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Retirement Benefits [Text Block]

Note 14. Employee Retirement Plans

 

The Company has a 401(k) Profit Sharing Plan covering substantially all of its eligible employees. All employees who have attained the age of 21 are eligible to participate upon completion of one month of service. Participants may elect to make voluntary contributions to the 401(k) plan in amounts not exceeding federal guidelines. On an annual basis, the Company, as determined by its Board of Directors, may make certain discretionary contributions. Employees are vested in the Company's contributions based upon years of service. The Company contributed $1.7 million, $1.9 million, and $1.9 million during Fiscal 2024, 2023, and 2022, respectively.

 

The Company also has a nonqualified supplemental deferred compensation plan for certain executives pursuant to Section 409A of the Internal Revenue Code. Participants can defer from 1% up to a maximum of 100% of salary and performance and non-performance based bonus. There were no Company contributions to the plan during Fiscal 2024, 2023 and 2022. Distributions will be made to participants upon termination of employment or death in a lump sum, unless installments are selected by the participant. As of June 30, 2024 and July 2, 2023, these plan liabilities, which are included in “Other liabilities” within the Company’s consolidated balance sheets, totaled $32.8 million and $22.6 million, respectively. The associated plan assets, which are subject to the claims of the creditors, are primarily invested in mutual funds and are included in “Other assets” within the Company’s consolidated balance sheets. The gains (losses) on these investments, which were $6.9 million, ($0.8 million), and ($3.6 million), for the years ended  June 30, 2024,  July 2, 2023, and  July 3, 2022, respectively, are included in “Other expense (income), net", with a corresponding offset in "General and administrative" expenses, within the Company’s consolidated statements of operations.