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Note 3 - Retirement and Other Benefit Plans:
 12 Months Ended
Oct. 28, 2011
Pension and Other Postretirement Benefits Disclosure [Text Block]
NOTE 3- Retirement and Other Benefit Plans:

Noncontributory-Trusteed Defined Benefit Retirement Plans for Sales, Administrative, Supervisory and Certain Other Employees

We have noncontributory-trusteed defined benefit retirement plans for sales, administrative, supervisory and certain other employees. In the third quarter of fiscal 2006, we froze future benefit accruals under this plan for employees classified within the administrative, sales or supervisory job classifications or within any non-bargaining class. The benefits under these plans are primarily based on years of service and compensation levels. The funding policy of the plan is to make contributions which are at least equal to the minimum required contributions needed to avoid a funding deficiency. The measurement date for the plan is our fiscal year end.

Net pension cost consisted of the following:

   
Years Ended
 
   
2011
   
2010
 
Service cost
 
$
141
   
$
125
 
Interest cost
   
1,998
     
1,959
 
Expected return on plan assets
   
(2,321
)
   
(1,995
)
Amortization of unrecognized loss
   
437
     
428
 
Amortization of unrecognized prior service costs
   
1
     
1
 
Net pension cost
 
$
256
   
$
518
 

Net pension costs and benefit obligations are determined using assumptions as of the beginning of each fiscal year. Weighted average assumptions for each fiscal year are as follows:

   
2011
   
2010
 
Discount rate
   
4.65
%
   
5.45
%
Rate of increase in salary levels
   
N/A
     
N/A
 
Expected return on plan assets
   
8.00
%
   
8.00
%

The benefit obligation, plan assets, and funded status of these plans as of the fiscal years ended are as follows:

   
2011
   
2010
 
Change in plan assets:
               
Fair value of plan assets - beginning of year
   
29,237
     
25,001
 
Employer contributions
   
1,175
     
1,943
 
Actual return on plan assets
   
951
     
3,300
 
Benefits paid
   
(1,056
)
   
 (1,007
)
Fair value of plan assets - end of year
   
30,307
     
29,237
 
Change in benefit obligations:
           
Benefit obligations - beginning of year
 
$
37,289
   
$
35,042
 
Service cost
   
141
     
125
 
Interest cost
   
1,998
     
1,959
 
Actuarial loss
   
7,376
     
1,170
 
Benefits paid
   
(1,056
)
   
 (1,007
)
Benefit obligations - end of year
   
45,748
     
37,289
 
Funded status of the plans
   
(15,441
)
   
(8,052
)
Unrecognized prior service costs
   
4
     
6
 
Unrecognized net actuarial loss
   
17,951
     
9,641
 
Net amount recognized
 
$
2,514
   
$
1,595
 

Current accounting principles require that an internal rate of return analysis be included in the discount rate selection process.  The discount rates were based on Citigroup Pension Liability Index as of October 28, 2011 and October 29, 2010.

Plan assets are primarily invested in marketable equity securities, corporate and government debt securities and are administered by an investment management company. The plans’ long-term return on assets is based on the weighted-average of the plans’ investment allocation as of the measurement date and the published historical returns for those types of asset categories, taking into consideration inflation rate forecasts. Our expected employer contribution to the plan in fiscal year 2012 is $2,003.

The actual and target allocation for plan assets are as follows:

Asset Class
 
2011
   
Target
Asset
Allocation
   
2010
   
Target
Asset
Allocation
 
Large Cap Equities
   
33.4
%
   
35.0
%
   
37.4
%
   
40.0
%
Mid Cap Equities
   
0.00
%
   
0.0
%
   
0.0
%
   
0.0
%
Small Cap Equities
   
11.7
%
   
10.0
%
   
3.5
%
   
5.0
%
International (including Non-U.S. Fixed Income)
   
22.0
%
   
25.0
%
   
22.2
%
   
25.0
%
Fixed Income
   
28.4
%
   
26.0
%
   
27.3
%
   
26.0
%
Other (Government/Corporate, Bonds)
   
1.9
%
   
2.0
%
   
2.0
%
   
2.0
%
Cash
   
2.6
%
   
2.0
%
   
7.6
%
   
2.0
%
Total
   
100.0
     
100.0
     
100.0
%
   
100.0
%

The fair value of our pension plan assets and the level under which fair values were determined, using the hierarchy described in Note 1, is as follows:

   
Year Ended 2011
 
   
Level 1
 
Level 2
 
Level 3
 
Total
 
                       
Total plan assets
   
30,307
    -     -    
30,307
 

Expected payments for the pension benefits are as follows:

Fiscal Years
 
Pension
Benefits
 
2012
 
$
1,260
 
2013
 
$
1,406
 
2014
 
$
1,512
 
2015
 
$
1,656
 
2016
 
$
1,728
 
2017-2021
 
$
10,742
 

Executive Retirement Plans

Non-Qualified Deferred Compensation

Effective January 1, 1991 we adopted a deferred compensation savings plan for certain key employees. Under this arrangement, selected employees contribute a portion of their annual compensation to the plan. We contribute an amount to each participant’s account by computing an investment return equal to Moody’s Average Seasoned Bond Rate plus 2%. Employees receive vested amounts upon death, termination or attainment of retirement age. No benefit expense was recorded under these plans for fiscal years 2011 and 2010.

Supplemental Executive Retirement Plan

In fiscal year 1991, we adopted a non-qualified supplemental retirement plan for certain key employees.  Benefits provided under the plan are equal to 60% of the employee’s final average earnings, less amounts provided by our defined benefit pension plan and amounts available through Social Security.

Benefits payable related to these plans and included in the accompanying financial statements were $4,166 and $3,982 at October 28, 2011 and October 29, 2010, respectively. In connection with this arrangement we are the beneficiary of life insurance policies on the lives of certain key employees and retirees. The aggregate cash surrender value of these policies, included in non-current assets, was $11,615 and $11,134 at October 28, 2011 and October 29, 2010, respectively.

Expected payments for executive postretirement benefits are as follows:

Fiscal Years
 
Executive
Postretirement
Benefits
 
2012
 
$
506
 
2013
 
$
506
 
2014
 
$
516
 
2015
 
$
472
 
2016
 
$
281
 
2017-2021
 
$
1,136
 

Incentive Compensation Plan for Certain Key Executives

We provide an incentive compensation plan for certain key executives, which is based upon our pretax income. The payment of these amounts is generally deferred over three or five-year periods. The total amount payable related to this arrangement was $1,561 and $2,447 at October 28, 2011 and October 29, 2010, respectively. Future payments are approximately $878, $473, $115, $68 and $27 for fiscal years 2012 through 2016, respectively.

Postretirement Healthcare Benefits for Selected Executive Employees

We provide postretirement health care benefits for selected executive employees.   Net periodic postretirement healthcare cost is determined using assumptions as of the beginning of each fiscal year, except for the total actual benefit payments and the discount rate used to develop the net periodic postretirement benefit expense, which is determined at the end of the fiscal year.

Net periodic postretirement healthcare cost consisted of the following:

   
Years Ended
 
   
2011
   
2010
 
Service cost
 
$
22
   
$
18
 
Interest cost
   
59
     
82
 
Amortization of prior service cost
   
75
     
75
 
Amortization of actuarial loss
   
(18
)
   
(20
)
Net periodic postretirement healthcare cost
 
$
138
   
$
155
 

Weighted average assumptions for the fiscal years ended October 28, 2011 and October 29, 2010 are as follows:

   
2011
   
2010
 
Discount rate
   
4.45
%
   
5.45
%
Medical trend rate next year
   
9.50
%
   
9.50
%
Ultimate trend rate
   
5.00
%
   
5.00
%
Year ultimate trend rate is achieved
   
2020
     
2020
 

The table below shows the estimated effect of a 1% increase in healthcare cost trend rate on the following:

   
2011
   
2010
 
Interest cost plus service cost
 
$
9
   
$
8
 
Accumulated postretirement healthcare obligation
 
$
133
   
$
91
 

The table below shows the estimated effect of a 1% decrease in healthcare cost trend rate on the following:

   
2011
   
2010
 
Interest cost plus service cost
 
$
(8
)   
$
(6
) 
Accumulated postretirement healthcare obligation
 
$
(109
)   
$
(76
) 

The healthcare obligation and funded status of this plan as of the fiscal years ended are as follows:

   
2011
   
2010
 
Change in accumulated postretirement healthcare obligation:
           
Healthcare obligations - beginning of year
 
$
945
   
$
1,066
 
Service cost
   
21
     
18
 
Interest cost
   
59
     
82
 
Actuarial loss (gain)
   
136
     
(201
)
Benefits paid
   
(37
)
   
(20
)
Healthcare obligations - end of year
 
$
1,124
   
$
945
 
Funded status of the plans
   
1,124
     
945
 
Unrecognized prior service costs
      -      
75
 
Unrecognized net actuarial (gain) loss
   
(112
)
   
(265
) 
Unrecognized amounts recorded in other comprehensive income
   
112
     
190
 
Postretirement healthcare liability
 
$
1,124
   
$
945
 

Expected payments for the postretirement benefits are as follows:

Fiscal Years
 
Postretirement
Heathcare
Benefits
 
2011
 
$
57
 
2012
 
$
57
 
2013
 
$
57
 
2014
 
$
56
 
2015
 
$
55
 
2016 -2020
 
$
374
 

401(K) Plan for Sales, Administrative, Supervisory and Certain Other Employees

During the fiscal year ended November 3, 2006, we implemented a qualified 401(K) retirement plan (the “Plan”) for our sales, administrative, supervisory and certain other employees. During fiscal years 2011 and 2010, we made total employer contributions to the Plan in the amounts of $408 and $421, respectively.