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Retirement Benefit Plans
 3 Months Ended
Mar. 29, 2025
Retirement Benefit Plans  
Retirement Benefit Plans

Note M - Retirement Benefit Plans  

 

The Company has four non-contributory defined benefit pension plans covering most U.S. employees. All of these pension plans are frozen and participants in these plans have not accrued benefits since the date on which these plans were frozen. Plan benefits are generally based upon age at retirement, years of service and, for the plan covering salaried employees, 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.

 

 
17

Table of Contents

 

Significant disclosures relating to these benefit plans for the first quarter of fiscal years 2025 and 2024 are as follows:

 

 

 

Pension Benefits

 

 

 

Three Months Ended

 

 

 

March 29, 2025

 

 

March 30, 2024

 

Service cost

 

$177,462

 

 

$178,003

 

Interest cost

 

 

951,097

 

 

 

966,702

 

Expected return on plan assets

 

 

(1,059,936)

 

 

(1,099,035)

Amortization of the net loss

 

 

290,615

 

 

 

327,365

 

Net periodic benefit cost

 

$359,238

 

 

$373,035

 

 

 

 

Other Postretirement Benefits

 

 

 

Three Months Ended

 

 

 

March 29, 2025

 

 

March 30, 2024

 

Service cost

 

$2,125

 

 

$3,574

 

Interest cost

 

 

11,683

 

 

 

12,951

 

Expected return on plan assets

 

 

(4,780)

 

 

(4,684)

Amortization of prior service cost

 

 

(832)

 

 

1,060

 

Amortization of the net loss

 

 

(23,093)

 

 

(19,567)

Net periodic benefit (gain)

 

$(14,897)

 

$(6,666)

 

The Company’s funding policy with respect to its qualified plans is to contribute at least the minimum amount required by applicable laws and regulations. In fiscal year 2025, the Company expects to make cash contributions to its qualified pension plans of approximately $2,900,000 and approximately $42,000 into its other postretirement plan. As of March 29, 2025, the Company has contributed $1,016,000 to its pension plans and $7,000 to its postretirement plan in fiscal year 2025 and expects to make the remaining contributions as required during the remainder of the fiscal year.

 

The Company has a contributory savings plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”) covering substantially all U.S. non-union employees. The 401(k) Plan allows participants to make voluntary contributions from their annual compensation on a pre-tax basis, subject to limitations under the Internal Revenue Code. The 401(k) Plan provides for contributions by the Company at its discretion.

The Company made contributions to the 401(k) Plan as follows:

 

 

 

Three Months Ended

 

 

 

March 29, 2025

 

 

March 30, 2024

 

Regular matching contribution

 

$306,639

 

 

$285,563

 

Transitional credit contribution

 

 

23,865

 

 

 

28,906

 

Non-discretionary contribution

 

 

108,492

 

 

 

110,890

 

Total contributions for the period

 

$438,996

 

 

$425,359