EMPLOYEE BENEFITS

9 Months Ended

Sep. 29, 2013

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

5.  EMPLOYEE BENEFITS

We maintain a frozen noncontributory qualified defined benefit pension plan (“Pension Plan”) which covers certain eligible employees.  No new participants may enter the Pension 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:

	Quarter Ended						Nine Months Ended
	September 29,			September 23,			September 29,			September 23,
(in thousands)	2013			2012			2013			2012
Pension plans:
Service cost	$	1,386		$	1,385		$	4,159		$	4,155
Interest cost	21,149			22,974			63,447			68,923
Expected return on plan assets	(25,263		)	(26,940		)	(75,790		)	(80,820		)
Prior service cost amortization	4			4			11			11
Actuarial loss	6,389			3,172			19,168			9,515
Net pension expense	3,665			595			10,995			1,784
Net post-retirement credit	(624		)	(157		)	(1,873		)	(472		)
Net retirement expense	$	3,041		$	438		$	9,122		$	1,312

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 September 29, 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 Pension Plan.  We do not intend to make any additional material contributions to the Pension Plan during the remainder of fiscal year 2013.