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RETIREMENT SAVINGS PLANS
6 Months Ended
Jul. 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 $95,000 and $91,000 for the second quarter of fiscal years 2016 and 2015, respectively. The employer match was $7,000 and $16,000, respectively, for the second quarter of fiscal years 2016 and 2015. For the six months ended July 3, 2016 and June 28, 2015, eligible participants contributed approximately $187,000 and $207,000, respectively, to the plan and the Company provided matching funds of approximately $14,000 and $35,000, respectively. There were no discretionary contributions to the plan during the first six months of fiscal year 2016 and 2015.

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 applicable regulations promulgated by the IRS. In fiscal 2016 and 2015, we matched 25.0% of the first 4.0% contributed and paid 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 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 quarters ended July 3, 2016 and June 28, 2015, eligible participants contributed approximately $7,000 and $5,000 to the Deferred Compensation Plan, respectively. The Company provided matching funds and interest of approximately $5,000 and $8,000 for the quarters ended July 3, 2016 and June 28, 2015, respectively. Distributions for the quarters ended July 3, 2016 and June 28, 2015 were $21,000 and $57,000, respectively. For the six months ended July 3, 2016 and June 28, 2015, eligible participants contributed approximately $13,000 and $23,000, respectively, to the Deferred Compensation Plan and the Company provided matching funds and interest of approximately $10,000 and $17,000, respectively. Distributions for the six months ended July 3, 2016 and June 28, 2015 were $108,000 and $15,000, respectively. The balance of the Plan for the quarters ended July 3, 2016 and January 3, 2016 was approximately $280,000 and $547,000, respectively. Of this balance approximately $165,000 and $109,000 was recorded in current liabilities and the remaining balance was recorded in other liabilities at July 3, 2016 and January 3, 2016, respectively.