EMPLOYEE BENEFITS

3 Months Ended

Mar. 31, 2013

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

5.  EMPLOYEE BENEFITS

We maintain a frozen noncontributory qualified defined benefit pension plan (“Plan”) which covers certain eligible employees.  No new participants may enter the Plan and no further benefits will accrue.  However, years of service continue to count toward early retirement calculations and vesting of benefits previously earned.

We also have a limited number of supplemental retirement plans to provide certain key employees with additional retirement benefits.  These plans are funded on a pay-as-you-go basis and the accrued pension obligation is largely included in other long-term obligations.

The elements of retirement expense are as follows:

	Three Months Ended
	March 31,		March 25,
(in thousands)	2013		2012
Pension plans:
Service Cost	$	1,400	$	1,375
Interest Cost	21,125		22,900
Expected return on plan assets	(25,275)		(26,975)
Actuarial loss	6,375		3,075
Net pension expense	3,625		375
Net post-retirement benefit (credit) expense	(625)		(150)
Net retirement expenses	$	3,000	$	225

In addition, we provide for or subsidize post-retirement health care and certain life insurance benefits for certain eligible employees and retirees, and we have a deferred compensation plan (“401(k) plan”), which enables qualified employees to voluntarily defer compensation.  The 401(k) plan includes a matching company contribution and a supplemental contribution that is tied to our performance.  We temporarily suspended our matching contribution to the 401(k) plan in 2009 and as of March 31, 2013, we have not reinstated that benefit.

In January 2013 and January 2012, we contributed $7.5 million and $40.0 million, respectively, of cash to the Plan.  We do not intend to make any additional material contributions to the Plan during the remainder of fiscal year 2013.