Retirement Savings Plans | 9 Months Ended |
|---|---|
Oct. 02, 2011 | |
| Retirement Savings Plans [Abstract] | |
| Pension And Other Postretirement Benefits Disclosure Text Block | (9) Retirement Savings Plans
401(k) Plan
We have a pre-tax salary reduction/profit-sharing plan under the provisions of Section 401(k) of the Internal Revenue Code, which covers employees meeting certain eligibility requirements. In fiscal 2011, we will match 25.0%, and in fiscal 2010, we matched 25.0%, of the employee's contribution up to 4.0% of their earnings. Employee contributions were approximately $151,000 and $138,000 for the third quarter of fiscal years 2011 and 2010, respectively. The employer match was $24,000 and $22,000, respectively, for the third quarter of fiscal years 2011 and 2010. For the nine months ended October 2, 2011 and October 3, 2010, eligible participants contributed approximately $444,000 and $455,000, respectively, to the plan and the Company provided matching funds of approximately $67,000 and $71,000, respectively. There were discretionary contributions to the Plan of $10,000 and $11,000, respectively, during the nine months of fiscal years 2011 and 2010, respectively.
Non-Qualified Deferred Compensation Plan
We have a Non-Qualified Deferred Compensation Plan effective as of February 25, 2005 (the “Deferred Compensation Plan”). Eligible participants are those employees who are at the “director” level and above and who are selected by the Company to participate in the Deferred Compensation Plan. Participants must complete a deferral election each year to indicate the level of compensation (salary, bonus and commissions) they wish to have deferred for the coming year. This deferral election is irrevocable except to the extent permitted by the Deferred Compensation Plan Administrator, and the Regulations promulgated by the IRS. During fiscal 2011 and fiscal 2010, we are matching 25% of the first 4.0% contributed and paying a declared interest rate of 6.0% on balances outstanding. The board of directors administers the Deferred Compensation Plan and may change the rate or any other aspects of the Deferred Compensation Plan at any time.
Deferral periods are limited to the earlier of termination of employment or not less than three calendar years following the end of the applicable plan year. Extensions of the deferral period for a minimum of five years are allowed provided an election for extension is made at least one year before the first payment affected by the change. Payments can be in a lump sum or in equal payments over a two-, five- or ten-year period, plus interest from the commencement date.
The Deferred Compensation Plan assets are kept in an unsecured account that has no trust fund. In the event of bankruptcy, participants entitled to future payments under the Deferred Compensation Plan would have no greater rights than that of an unsecured general creditor of the Company and the Deferred Compensation Plan confers no legal rights for interest or claim on any specific assets of the Company. Benefits provided by the Deferred Compensation Plan are not insured by the Pension Benefit Guaranty Corporation (PBGC) under Title IV of the Employee Retirement Income Security Act of 1974 (“ERISA”), because the pension insurance provisions of ERISA do not apply to the Deferred Compensation Plan.
For the quarter ended October 2, 2011 and October 3, 2010, eligible participants contributed approximately $31,000 and $21,000 to the Deferred Compensation Plan, respectively, and the Company provided matching funds and interest of approximately $17,000 and $13,000, respectively. For the nine months ended October 2, 2011 and October 3, 2010, eligible participants contributed approximately $105,000 and $65,000, respectively, to the Deferred Compensation Plan and the Company provided matching funds and interest of approximately $49,000 and $42,000, respectively. |