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NOTE 9—EMPLOYEE BENEFIT PLANS
The Company sponsors frozen non-contributory qualified and non-qualified defined benefit pension plans generally covering all employees who, prior to the freeze, were age 21 or older and had completed at least 1,000 hours of service in their first twelve months of employment, or in a calendar year ending thereafter, and who were not covered by a collective bargaining agreement. The Company also offers eligible retirees the opportunity to participate in a health plan (medical and dental). Certain employees are eligible for subsidized postretirement medical benefits. The eligibility for these benefits is based upon a participant's age and service as of January 1, 2009.
The Company expects to make pension contributions of approximately $967,000 per quarter for a total of approximately $3,868,000 during fiscal 2012.
Net periodic benefit cost recognized for the plans during the thirteen weeks ended September 29, 2011 and September 30, 2010 consists of the following:
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Pension Benefits |
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Other Benefits |
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(In thousands) |
|
September 29,
2011 |
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September 30,
2010 |
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September 29,
2011 |
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September 30,
2010 |
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Components of net periodic benefit cost: |
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Service cost |
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$ |
45 |
|
$ |
45 |
|
$ |
38 |
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$ |
39 |
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| |
Interest cost |
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|
1,160 |
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|
1,153 |
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|
294 |
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|
319 |
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| |
Expected return on plan assets |
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(1,117 |
) |
|
(996 |
) |
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— |
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— |
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| |
Amortization of net (gain) loss |
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2 |
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(3 |
) |
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— |
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— |
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| |
Amortization of prior service credit |
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— |
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— |
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(222 |
) |
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(217 |
) |
| |
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Net periodic benefit cost |
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$ |
90 |
|
$ |
199 |
|
$ |
110 |
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$ |
141 |
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Net periodic benefit cost recognized for the plans during the twenty-six weeks ended September 29, 2011 and September 30, 2010 consists of the following:
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Pension Benefits |
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Other Benefits |
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|
(In thousands) |
|
September 29,
2011 |
|
September 30,
2010 |
|
September 29,
2011 |
|
September 30,
2010 |
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Components of net periodic benefit cost: |
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| |
Service cost |
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$ |
90 |
|
$ |
91 |
|
$ |
75 |
|
$ |
77 |
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| |
Interest cost |
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|
2,320 |
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|
2,304 |
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|
589 |
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|
638 |
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| |
Expected return on plan assets |
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|
(2,233 |
) |
|
(1,992 |
) |
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— |
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|
— |
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| |
Amortization of net loss |
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|
3 |
|
|
151 |
|
|
— |
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|
— |
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| |
Amortization of prior service credit |
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|
— |
|
|
— |
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|
(445 |
) |
|
(433 |
) |
| |
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Net periodic benefit cost |
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$ |
180 |
|
$ |
554 |
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$ |
219 |
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$ |
282 |
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During the twenty-six weeks ended September 29, 2011, the Company recorded an additional estimated withdrawal liability of approximately $301,000 related to a multiemployer pension plan where it had ceased making contributions. As of September 29, 2011, the Company's liability related to these collectively bargained multiemployer pension plan withdrawals, net of quarterly payments, was $3,341,000. |