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Pension and Other Postretirement Benefits
 6 Months Ended
Jan. 01, 2012
Pension and Other Postretirement Benefits [Abstract]  
Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

We have a qualified, noncontributory defined benefit pension plan covering substantially all U.S. associates. Benefits are based on years of service and final average compensation. Our policy is to fund at least the minimum actuarially computed annual contribution required under the Employee Retirement Income Security Act of 1974 (ERISA). Plan assets consist primarily of listed equity and fixed income securities. Effective January 1, 2010, an amendment to the qualified defined benefit pension plan discontinued the benefit accruals for salary increases and credited service rendered after December 31, 2009.

We have a noncontributory supplemental executive retirement plan (“SERP”), which is a nonqualified defined benefit plan that essentially mirrors the qualified plan, but provides benefits in excess of certain limits placed on our qualified retirement plan by the Internal Revenue Code. The SERP will pay supplemental pension benefits to certain key employees upon retirement based upon the employees’ years of service and compensation. The SERP is being funded through a Rabbi trust with M&I Trust Company. We also sponsor a postretirement health care plan for all of our U.S. associates hired prior to June 2, 2001. The expected cost of retiree health care benefits is recognized during the years that the associates who are covered under the plan render service. Effective January 1, 2010, an amendment to the postretirement health care plan limited the benefit for future eligible retirees to $4,000 per plan year and is subject to a maximum coverage period based on the associate’s retirement date and age. The postretirement health care plan is unfunded.

The following tables summarize the net periodic benefit cost recognized for each of the periods indicated under these two plans (in thousands):

 

      September 30,       September 30,       September 30,       September 30,  
    Pension Benefits
Three Months Ended		     Postretirement Benefits
Three Months Ended		  
    January 1,
2012		     December 26,
2010		     January 1,
2012		     December 26,
2010		  

Service cost

   $ 37     $ 17     $ 3     $ 3  

Interest cost

     1,196       1,151       57       68  

Expected return on plan assets

     (1,603 )      (1,581 )      —         —    

Amortization of prior service cost

     3       3       (191 )      (188 ) 

Amortization of unrecognized net loss

     604       614       168       158  
   

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit cost

   $ 237     $ 204     $ 37     $ 41  
   

 

 

    

 

 

    

 

 

    

 

 

  
     
    Pension Benefits
Six Months Ended		     Postretirement Benefits
Six Months Ended		  
    January 1,
2012		     December 26,
2010		     January 1,
2012		     December 26,
2010		  

Service cost

   $ 75     $ 34     $ 5     $ 5  

Interest cost

     2,392       2,302       114       135  

Expected return on plan assets

     (3,205 )      (3,162 )      —         —    

Amortization of prior service cost

     6       6       (382 )      (375 ) 

Amortization of unrecognized net loss

     1,207       1,228       337       316  
   

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit cost

   $ 475     $ 408     $ 74     $ 81  
   

 

 

    

 

 

    

 

 

    

 

 

  

Voluntary contributions made to the qualified pension plan totaled $1.0 million during the six month period ending January 1, 2012. No contributions were made to the qualified pension plan during the six month period ending December 26, 2010. Voluntary contributions made to date during the third quarter of fiscal 2012 totaled $500,000. Additional voluntary contributions of $500,000 are anticipated to be made during the remainder of the third quarter and the fourth quarter of fiscal 2012.