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Retirement Benefit Plans
 9 Months Ended
Sep. 27, 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.

 

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

 

 

 

Pension Benefits

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 September 27,

2025

 

 

 September 28,

2024

 

 

September 27,

2025

 

 

September 28,

2024

 

Service cost

 

$180,873

 

 

$178,003

 

 

$542,622

 

 

$534,010

 

Interest cost

 

 

969,386

 

 

 

966,701

 

 

 

2,908,162

 

 

 

2,900,107

 

Expected return on plan assets

 

 

(1,080,317)

 

 

(1,099,034)

 

 

(3,240,957)

 

 

(3,297,103)

Amortization of the net loss

 

 

296,204

 

 

 

327,363

 

 

 

888,610

 

 

 

982,091

 

Net periodic benefit cost 

 

$366,146

 

 

$373,033

 

 

$1,098,437

 

 

$1,119,105

 

 

 

 

Other Postretirement Benefits

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 27,

2025

 

 

September 28,

2024

 

 

September 27,

 2025

 

 

September 28,

 2024

 

Service cost

 

$2,125

 

 

$3,574

 

 

$6,456

 

 

$10,722

 

Interest cost

 

 

11,683

 

 

 

12,951

 

 

 

35,498

 

 

 

38,853

 

Expected return on plan assets

 

 

(4,780)

 

 

(4,684)

 

 

(14,523)

 

 

(14,052)

Amortization of prior service cost

 

 

(832)

 

 

1,060

 

 

 

(2,528)

 

 

3,180

 

Amortization of the net loss

 

 

(23,093)

 

 

(19,567)

 

 

(70,168)

 

 

(58,701)

Net periodic (benefit) cost

 

$(14,897)

 

$(6,666)

 

$(45,265)

 

$(19,998)

 

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 September 27, 2025, the Company has contributed $2,200,000 to its pension plans and $17,000 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

 

 

Nine Months Ended

 

 

 

September 27,

2025

 

 

September 28,

2024

 

 

September 27,

 2025

 

 

September 27,

2024

 

Regular matching contribution

 

$201,113

 

 

$263,074

 

 

$747,549

 

 

$810,630

 

Transitional credit contribution

 

 

18,882

 

 

 

20,688

 

 

 

61,369

 

 

 

71,558

 

Non-discretionary contribution

 

 

84,296

 

 

 

80,465

 

 

 

280,203

 

 

 

294,228

 

Total contributions for the period

 

$304,291

 

 

$364,227

 

 

$1,089,121

 

 

$1,176,416