RETIREMENT SAVINGS PLANS |
3 Months Ended |
|---|---|
Apr. 03, 2016 | |
| Retirement Savings Plans [Abstract] | |
| Retirement Savings Plans Disclosure [Text Block] | (10) 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 2016 and 2015, we matched 25.0%, of the employee’s contribution up to 4.0% of their earnings. Employee contributions were approximately $92,000 and $116,000 for the first quarter of fiscal years 2016 and 2015, respectively. The employer match was approximately $7,000 and $20,000 for the first quarter of fiscal years 2016 and 2015, respectively. There were no discretionary contributions to the Plan in the first quarter of fiscal 2016 and 2015. Non-Qualified Deferred Compensation Plan We have a Non-Qualified Deferred Compensation Plan effective as of February 25, 2005 (the “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 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 Plan administrator, and the regulations promulgated by the IRS. During fiscal 2016 and 2015, we matched 25.0%, of the first 4.0% contributed and are paying a declared interest rate of 6.0% on balances outstanding. The Board of Directors administers the Plan and may change the rate or any other aspects of the 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 Plan assets are kept in an unsecured account that has no trust fund. In the event of bankruptcy, any future payments would have no greater rights than that of an unsecured general creditor of the Company and they confer no legal rights for interest or claim on any assets of the Company. Benefits provided by the 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 Plan. For the quarter ended April 3, 2016 and March 29, 2015, eligible participants contributed approximately $6,000 and $18,000, respectively, to the Plan, and the Company provided matching funds and interest of approximately $5,000 and $9,000, respectively. Distributions for the quarters ended April 3, 2016 and March 29, 2015 were $88,000 and $113,000, respectively. The balance of the Plan for the quarters ended April 3, 2016 and January 3, 2016 was approximately $288,000 and $547,000, respectively. Of these balance approximately $119,000 and $109,000 was recorded in current liabilities and the remaining balance was recorded in other liabilities at April 3, 2016 and January 3, 2016, respectively. |