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Retirement Benefit Plans | 12 Months Ended
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Dec. 30, 2023
Retirement Benefit Plans |
10. Retirement Benefit Plans | 10. RETIREMENT BENEFIT PLANS The Company has non-contributory defined benefit pension plans covering some U.S. employees. Plan benefits are generally based upon age at retirement, years of service and, for its salaried plan, the level of compensation. The Company also sponsors unfunded non-qualified supplemental retirement plans that provide certain former officers with benefits in excess of limits imposed by federal tax law. The Company also provides health care and life insurance for retired salaried employees in the United States who meet specific eligibility requirements. Components of the net periodic benefit cost of the Company’s pension benefit plans for the fiscal year indicated were as follows:
|  | 2023 |  |  | 2022 |
Service cost |  | $ | 864,611 |  |  | $ | 1,078,973 |
Interest cost |  |  | 3,960,212 |  |  |  | 2,432,756 |
Expected return on plan assets |  |  | (4,196,060 | ) |  |  | (5,842,641 | )
Amortization of prior service cost |  |  | - |  |  |  | 66,252 |
Amortization of the net loss |  |  | 1,371,460 |  |  |  | 1,560,299 |
Net periodic benefit cost |  | $ | 2,000,223 |  |  | $ | (704,361 | )
Service costs are reported in the cost of products sold and the other components of net periodic benefit costs are reported in other income in the consolidated statements of income. Assumptions used to determine net periodic benefit cost for the Company’s pension benefit plans for the fiscal year indicated were as follows:
|  | 2023 |  |  | 2022 |
Discount rate |  |  |  |  |  |
- Pension plans |  | 5.21% - 5.23 | % |  | 2.75% - 2.81 | %
- Supplemental pension plans |  |  | 4.92 | % |  |  | 2.08 | %
Expected return on plan assets |  |  | 7.5 | % |  |  | 7.5 | %
Rate of compensation increase |  |  | 0 | % |  |  | 0 | %
Components of the net periodic benefit cost of the Company’s other postretirement benefit plan were as follows:
|  | 2023 |  |  | 2022 |
Service cost |  | $ | 25,945 |  |  | $ | 53,291 |
Interest cost |  |  | 58,131 |  |  |  | 43,950 |
Expected return on plan assets |  |  | (19,396 | ) |  |  | (17,600 | )
Amortization of prior service cost |  |  | 4,241 |  |  |  | 4,241 |
Amortization of the net loss |  |  | (67,581 | ) |  |  | (8,214 | )
Net periodic benefit cost |  | $ | 1,340 |  |  | $ | 75,668 |
Assumptions used to determine net periodic benefit cost for the Company’s other postretirement plan for the fiscal year indicated were as follows:
|  | 2023 |  |  | 2022 |
Discount rate |  |  | 5.28 | % |  |  | 2.93 | %
Expected return on plan assets |  |  | 4.0 | % |  |  | 4.0 | %
Rate of compensation increase |  |  | 4.3 | % |  |  | 4.3 | %
As of December 30, 2023, and December 31, 2022, the status of the Company’s pension benefit plans and other postretirement benefit plan was as follows:
|  | Pension Benefit |  |  | Other Postretirement Benefit |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Benefit obligation at beginning of year |  | $ | 80,701,715 |  |  | $ | 107,420,338 |  |  | $ | 1,151,126 |  |  | $ | 1,724,582 |
Change in discount rate |  |  | 1,794,084 |  |  |  | (26,408,548 | ) |  |  | 35,126 |  |  |  | (562,340 | )
Service cost |  |  | 864,611 |  |  |  | 1,078,973 |  |  |  | 25,945 |  |  |  | 53,291 |
Interest cost |  |  | 3,960,212 |  |  |  | 2,432,756 |  |  |  | 58,131 |  |  |  | 43,950 |
Actuarial (gain)/loss |  |  | (587,910 | ) |  |  | 934,211 |  |  |  | (162,766 | ) |  |  | (73,395 | )
Benefits paid |  |  | (4,870,701 | ) |  |  | (4,756,015 | ) |  |  | (37,286 | ) |  |  | (34,962 | )
Benefit obligation at end of year |  | $ | 81,862,011 |  |  | $ | 80,701,715 |  |  | $ | 1,070,276 |  |  | $ | 1,151,126 |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Fair value of plan assets at beginning of year |  | $ | 58,527,250 |  |  | $ | 80,814,956 |  |  | $ | 484,904 |  |  | $ | 439,993 |
Actual return on plan assets |  |  | 5,902,956 |  |  |  | (17,701,556 | ) |  |  | (16,501 | ) |  |  | 44,911 |
Employer contributions |  |  | 1,277,138 |  |  |  | 169,865 |  |  |  | 51,180 |  |  |  | 49,158 |
Benefits paid |  |  | (4,870,701 | ) |  |  | (4,756,015 | ) |  |  | (51,180 | ) |  |  | (49,158 | )
Fair value of plan assets at end of year |  | $ | 60,836,643 |  |  | $ | 58,527,250 |  |  | $ | 468,403 |  |  | $ | 484,904 |
|  | Pension Benefit |  |  | Other Postretirement Benefit |
Funded Status |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net amount recognized in the balance sheet |  | $ | (21,025,365 | ) |  | $ | (22,174,465 | ) |  | $ | (554,758 | ) |  | $ | (666,222 | )
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |
|  | Pension Benefit |  |  | Other Postretirement Benefit |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net (loss)/gain |  | $ | (35,084,405 | ) |  | $ | (36,956,587 | ) |  | $ | 929,097 |  |  | $ | 900,694 |
Prior service (cost) credit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | $ | (35,084,405 | ) |  | $ | (36,956,587 | ) |  | $ | 929,097 |  |  | $ | 900,694 |
Change in the components of accumulated other comprehensive income consist of:
|  | Pension Benefit |  |  | Other Postretirement Benefit |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | (36,956,587 | ) |  | $ | (40,513,278 | ) |  | $ | 900,694 |  |  | $ | 241,621 |
Charged to net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | - |  |  |  | 66,252 |  |  |  | 4,241 |  |  |  | 4,241 |
Net loss (gain) |  |  | 1,371,460 |  |  |  | 1,560,299 |  |  |  | (67,581 | ) |  |  | (8,214 | )
Liability (gains)/losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | (1,794,084 | ) |  |  | 26,408,548 |  |  |  | (35,126 | ) |  |  | 562,340 |
Asset (gains)/losses deferred |  |  | 2,431,940 |  |  |  | (22,866,209 | ) |  |  | (35,897 | ) |  |  | 27,311 |
Other |  |  | (137,134 | ) |  |  | (1,612,199 | ) |  |  | 162,766 |  |  |  | 73,395 |
Balance at end of period |  | $ | (35,084,405 | ) |  | $ | (36,956,587 | ) |  | $ | 929,097 |  |  | $ | 900,694 |
Assumptions used to determine the projected benefit obligations for the Company’s pension benefit plans and other postretirement benefit plan for the fiscal year indicated were as follows:
|  | 2023 |  |  | 2022 |
Discount rate |  |  |  |  |  |
- Pension plans |  | 4.99% - 5.00 | % |  | 5.21% - 5.23 | %
- Supplemental pension plans |  |  | 4.72 | % |  |  | 4.92 | %
- Other postretirement plan |  |  | 5.04 | % |  |  | 5.28 | %
On December 30, 2023 and December 31, 2022, the accumulated benefit obligation for all qualified and nonqualified defined benefit pension plans was $81,862,011 and $80,701,715, respectively. Information for the under-funded pension plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets:
|  | 2023 |  |  | 2022 |
Number of plans |  |  | 5 |  |  |  | 5 |
Projected benefit obligation |  | $ | 81,862,011 |  |  | $ | 80,701,715 |
Accumulated benefit obligation |  |  | 81,862,011 |  |  |  | 80,701,715 |
Fair value of plan assets |  |  | 60,836,643 |  |  |  | 58,527,250 |
Net amount recognized in accrued benefit liability |  | $ | (21,025,368 | ) |  | $ | (22,174,465 | )
Estimated future benefit payments to participants of the Company’s pension plans are $5.1 million in 2024, $5.3 million in 2025, $5.5 million in 2026, $5.6 million in 2027, $5.7 million in 2028 and a total of $29.1 million from 2029 through 2033. Estimated future benefit payments to participants of the Company’s other postretirement plan are $46,000 in 2024, $47,000 in 2025, $49,000 in 2026, $49,000 in 2027, $51,000 in 2028 and a total of $281,000 from 2029 through 2033. The Company expects to make cash contributions to its qualified pension plans of approximately $2,100,000 and to its other postretirement plan of approximately $50,000 in 2024. We consider a number of factors in determining and selecting assumptions for the overall expected long-term rate of return on plan assets. We consider the historical long-term return experience of our assets, the current and expected allocation of our plan assets, and expected long-term rates of return. We derive these expected long-term rates of return with the assistance of our investment advisors and generally base these rates on a 10-year horizon for various asset classes and consider the expected positive impact of active investment management. We base our expected allocation of plan assets on a diversified portfolio consisting of domestic and international equity securities and fixed income securities. We consider a variety of factors in determining and selecting our assumptions for the discount rate at the end of the year. In 2023, as in 2022, we developed each plan’s discount rate with the assistance of our actuaries by matching expected future benefit payments in each year to the corresponding spot rates from the FTSE Pension Liability Yield Curve, comprised of high quality (rated AA or better) corporate bonds. The fair values of the Company’s pension plan assets on December 30, 2023 and December 31, 2022, utilizing the fair value hierarchy discussed in Note 3 – Accounting Policies – Fair Value of Financial Instruments, follow:
|  | December 30, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and Equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds |  | $ | — |  |  | $ | 411,688 |  |  | $ | — |  |  | $ | 411,688 |
Equities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Eastern Company Common Stock |  |  | 4,774,396 |  |  |  |  |  |  |  | — |  |  |  | 4,774,396 |
RITC Russell Investments Russell 1000® Index Fund (a) |  |  |  |  |  |  | 6,595,564 |  |  |  |  |  |  |  | 6,595,564 |
RITC Small Cap Fund (b) |  |  |  |  |  |  | 567,998 |  |  |  |  |  |  |  | 567,998 |
RITC International Fund (c) |  |  |  |  |  |  | 3,669,895 |  |  |  |  |  |  |  | 3,669,895 |
RITC Emerging Markets Fund (d) |  |  |  |  |  |  | 1,298,014 |  |  |  |  |  |  |  | 1,298,014 |
RITC World Equity Fund (e) |  |  |  |  |  |  | 7,960,264 |  |  |  |  |  |  |  | 7,960,264 |
RITC Global Real Estate Securities Fund (f) |  |  |  |  |  |  | 1,373,408 |  |  |  |  |  |  |  | 1,373,408 |
RITC Global Listed Infrastructure Fund (g) |  |  |  |  |  |  | 1,327,625 |  |  |  |  |  |  |  | 1,327,625 |
RITC Commodities Fund (h) |  |  |  |  |  |  | 1,161,864 |  |  |  |  |  |  |  | 1,161,864 |
RIIFL High Yield Bond Fund (i) |  |  |  |  |  |  | 2,643,118 |  |  |  |  |  |  |  | 2,643,118 |
Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Target Duration LDI Fixed Income Funds (j) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
• Russell 25 Year LDI Fixed Income Fund |  |  | — |  |  |  | 9,858,521 |  |  |  | — |  |  |  | 9,858,521 |
• Russell 14 Year LDI Fixed Income Fund |  |  | — |  |  |  | 17,481,926 |  |  |  | — |  |  |  | 17,481,926 |
STRIPS Fixed Income Funds (k) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
• Russell 15 to 20 Year STRIPS Fixed Income Fund |  |  | — |  |  |  | 876,584 |  |  |  | — |  |  |  | 876,584 |
• Russell 10 to 15 Year STRIPS Fixed Income Fund |  |  | — |  |  |  | 835,778 |  |  |  | — |  |  |  | 835,778 |
Total |  | $ | 4,774,396 |  |  | $ | 56,062,246 |  |  | $ | — |  |  | $ | 60,836,643 |
|  | December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and Equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds |  | $ | — |  |  | $ | 391,357 |  |  | $ | — |  |  | $ | 391,357 |
Equities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Eastern Company Common Stock |  |  | 4,184,107 |  |  |  |  |  |  |  | — |  |  |  | 4,184,107 |
Common/collective trust funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Russell Multi Asset Core Plus Fund (l) |  |  | — |  |  |  | 26,244,623 |  |  |  | — |  |  |  | 26,244,623 |
Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Target Duration LDI Fixed Income Funds (j) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
• Russell 25 Year LDI Fixed Income Fund |  |  | — |  |  |  | 4,376,600 |  |  |  | — |  |  |  | 4,376,600 |
• Russell 14 Year LDI Fixed Income Fund |  |  | — |  |  |  | 18,012,813 |  |  |  | — |  |  |  | 18,012,813 |
STRIPS Fixed Income Funds (k) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
• Russell 15 to 20 Year STRIPS Fixed Income Fund |  |  | — |  |  |  | 2,151,410 |  |  |  | — |  |  |  | 2,151,410 |
• Russell 10 to 15 Year STRIPS Fixed Income Fund |  |  | — |  |  |  | 3,166,340 |  |  |  | — |  |  |  | 3,166,340 |
Total |  | $ | 4,184,107 |  |  | $ | 54,343,143 |  |  | $ | — |  |  | $ | 58,527,250 |
Equity common funds primarily hold publicly traded common stock of both U.S and international companies selected for purposes of total return and to maintain equity exposure consistent with policy allocations. The Level 1 investment is made up of shares of The Eastern Company Common Stock and is valued at market price. Level 2 investments include commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying publicly traded securities.
| (a) | The RITC Russell Investments Russell 1000® Index Fund - Series I seeks to replicate the performance of the Russell 1000® Index as closely as possible before the deduction of Fund expenses. The Fund invests, through an underlying fund, primarily in stocks that closely match the composition of the Russell 1000® Index. The stocks in the index are highly diversified across industries and sectors. The Fund practices a passive investment approach and seeks to replicate the performance of the Russell 1000® Index.
| (b) | The RITC Small Cap Fund seeks to provide long-term capital appreciation. It aims to outperform the Russell 2000® Index while managing volatility and maintaining diversification similar to the Index over a full market cycle. The Fund invests primarily in common stocks of U.S. small capitalization companies. Advisors in the Fund use a wide range of criteria and disciplines, focusing on factors such as: undervalued or under-researched companies, special situations, emerging growth, asset plays and turnarounds.
| (c) | The RITC International Fund seeks to provide long-term growth of capital. It aims to outperform the MSCI World ex USA Index Net (the “Index”) while managing volatility and maintaining diversification similar to the index over a full market cycle. The Fund invests primarily in equity securities issued by Non-U.S. companies and in depositary receipts and other derivatives representing economic ownership of securities of non-U.S. companies. Seeks to invest in most of the developed nations of the world to maintain a high degree of diversification among countries and currencies. Employs multiple managers with distinct investment styles (growth, market-oriented and value), which are intended to be complementary.
| (d) | The RITC Emerging Markets Fund seeks to provide the potential for long-term growth of capital. It aims to outperform the MSCI Emerging Markets Index Net over a full market cycle. The Fund Invests in equity securities of companies located in, or are economically tied to, emerging market countries. Securities are denominated principally in foreign currencies and are typically held outside the U.S. The Fund employs a multi-style (growth, market-oriented and value) and multi-manager approach whereby portions of the fund are allocated to different money managers who employ distinct styles.
| (e) | The RITC World Equity Fund seeks to provide long-term capital appreciation. It aims to outperform the MSCI World Net Dividend Index over a full market cycle. The Fund employs specialist global equity advisors using global stock and sector selection strategies. Advisors invest across the world, without being limited by national borders or to specific regions, and typically take more aggressive positions on stocks and sectors and the extended equity markets. Their cross-border approach offers a different, complementary source of excess returns to Russell Investments' U.S. and International funds.
| (f) | The RITC Global Real Estate Securities Fund seeks to provide current income and long-term capital growth. It strives to outperform the FTSE EPRA NAREIT Developed Index Net TRI with above-average consistency over a full market cycle. The Fund invests principally in equity securities of real estate companies, primarily in real estate investment trusts (REITs), other property trusts and real estate-related companies listed on global stock exchanges, predominantly in North America, Europe, Asia, and Australia. It employs a multi-manager approach whereby portions of the fund are allocated to different money managers whose approaches are intended to complement one another.
| (g) | The RITC Global Listed Infrastructure Fund seeks to provide the potential for excess return streams, stable income potential, and a possible hedge against inflation. It seeks to outperform the S&P Infrastructure Index over a full market cycle. The Fund invests in a diversified portfolio of listed companies that provide services essential for a functioning modern economy, including roads, utilities, hospitals, schools, and airports. Employs multiple managers with complementary strategies with each manager expected to take an active management approach with a ’pure play’ bias - meaning they select companies with assets that tend to be monopolistic, highly regulated, long-lived, with steady cash flows.
| (h) | The RITC Commodities Fund is designed to provide the potential for long-term growth of capital and income. It seeks to outperform the Bloomberg Commodity Index Total Return with above-average consistency over a full market cycle. The Fund invests in commodity index-linked securities, other commodity-linked securities, derivative instruments, cash, and fixed income securities that together are intended to provide exposure to the performance of the collateralized commodity futures market. Combines strategies with different payoffs over different phases of an economic and stock market cycle. Multiple advisors, funds and strategies are employed to reduce style or strategy concentration risk.
| (i) | The RIIFL High Yield Bond Fund seeks to provide current income and capital appreciation. It aims to outperform the ICE BofA Developed Markets High Yield Constrained Index (USD-hedged) over an interest rate cycle. The Fund invests primarily in non-investment grade, high yielding fixed income securities issued by companies from around the globe. These securities are commonly referred to as "junk bonds." A majority of the Fund's holdings are U.S. dollar denominated.
| (j) | The Target Duration LDI Fixed Income Funds seek to outperform their respective Barclays-Russell LDI Indexes over a full market cycle. These Funds invest primarily in investment grade corporate bonds that closely match those found in discount curves used to value U.S. pension liabilities. They seek to provide additional incremental return through modest interest rate timing, security selection and tactical use of non-credit sectors. Generally, for use in combination with other bond funds to gain additional credit exposure, with the goal of reducing the mismatch between a plan’s assets and liabilities.
| (k) | The STRIPS (Separate Trading of Registered Interest and Principal of Securities) Funds seek to provide duration and Treasury exposure by investing in an optimized subset of the STRIPS universe with a similar duration profile as the Barclays U.S. Treasury STRIPS 10-15 year, 15-20 year or 25+ year Index. These passively managed funds are generally used with other bond funds to add additional duration to the asset portfolio. This will help reduce the mismatch between a plan’s assets and liabilities.
| (l) | The investment objective of the RITC (formerly Russell) Multi-Asset Core Plus Fund seeks to provide long-term growth of capital over a market cycle by offering a diversified portfolio of funds and separate accounts investing in global stock, return seeking fixed income, commodities, global real estate, and opportunistic investments. They hold a dynamic mix of underlying Russell Investments funds and/or separate accounts. Russell Investments is a strong proponent of disciplined strategic asset allocation and rebalancing strategies and believes that unstable movements in the market have the potential to create opportunities. By identifying short-term mispricing and making small tactical adjustments to the Multi-Asset Core Plus Fund, they believe there is potential to enhance returns while continuing to manage risks.
The investment portfolio contains a diversified blend of common stocks, bonds, cash equivalents, and other investments, which may reflect varying rates of return. The investments are further diversified within each asset classification. The portfolio diversification provides protection against a single security or class of securities having a disproportionate impact on aggregate performance. The Company has elected to change its investment strategy to better match the assets with the underlying plan liabilities. Currently, the long-term target allocations for plan assets are 50% in equities and 50% in fixed income although the actual plan asset allocations may be within a range around these targets. The actual asset allocations are reviewed and rebalanced on a periodic basis to maintain the target allocations. It is expected that, as the funded status of the plans improves, more assets will be invested in long-duration fixed income instruments. The plans’ assets include 217,018 shares of the common stock of the Company having a market value of $4,774,396 and $4,184,107 on December 30, 2023 and December 31, 2022, respectively. No shares were purchased in 2023 or 2022 nor were any shares sold in either period. Dividends received during 2023 and 2022 on the common stock of the Company were $95,488 and $95,488, respectively. U.S. salaried and non-union hourly employees and most employees of the Company’s Canadian subsidiaries are covered by defined contribution plans. The Company has a contributory savings plan under Section 401(k) of the Internal Revenue Code covering substantially all U.S. non-union employees. This plan allows participants to make voluntary contributions of up to 100% of their annual compensation on a pretax basis, subject to IRS limitations. The plan provides for contributions by the Company at its discretion. The Eastern Company Savings and Investment Plan as amended effective April 1, 2023 (“401(k) Plan Amendment”) provides for a match of 50% of the first 6% of employee contributions. The 401(k) Plan Amendment also provides for an additional non-discretionary contribution (the “transitional credit”) for certain non-union U.S. employees. The amount of this non-discretionary contribution ranges from 0% to 4% of wages, based on the age of the individual on June 1, 2016. The 401(k) Plan Amendment provides a non-discretionary safe harbor contribution of 3%. All non-union U.S. employees are eligible to join the plan. The Company made contributions to the plan as follows:
|  | 2023 |  |  | 2022 |
Regular matching contributions |  | $ | 990,993 |  |  | $ | 561,357 |
Transitional credit contributions |  |  | 105,880 |  |  |  | 123,387 |
Non-discretionary contributions |  |  | 682,154 |  |  |  | 376,861 |
Total contributions made for the period |  | $ | 1,779,027 |  |  | $ | 1,061,605 |
The non-discretionary contribution of $328,953 made in the twelve months ended December 30, 2023 was accrued for and expensed in the prior fiscal year. As of December 31, 2022, the Company had accrued $379,090 for the non-discretionary safe harbor contribution. This amount was expensed in 2022 and was contributed to the plan in January 2023. Effective January 1, 2023, the non-discretionary contributions are being contributed on a weekly basis.

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