EMPLOYEE BENEFITS

6 Months Ended

Jun. 29, 2014

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

5.  EMPLOYEE BENEFITS

We maintain a frozen noncontributory qualified defined benefit pension plan (“Pension Plan”) which covers certain eligible current and former 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 current and former 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:

	Quarters Ended						Six Months Ended
	June 29,			June 30,			June 29,			June 30,
(in thousands)	2014			2013			2014			2013
Pension plans:
Service cost	$	2,007		$	1,373		$	4,015		$	2,773
Interest cost	22,751			21,173			45,502			42,298
Expected return on plan assets	(26,865		)	(25,252		)	(53,730		)	(50,527		)
Prior service cost amortization	3			7			6			7
Actuarial loss	4,002			6,404			8,004			12,779
Net pension expense	1,898			3,705			3,797			7,330
Net post-retirement credit	(741		)	(624		)	(1,482		)	(1,249		)
Net retirement expense	$	1,157		$	3,081		$	2,315		$	6,081

In January 2014 and January 2013, we contributed $25.0 million and $7.5 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 2014.

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 suspended our matching contribution to the 401(k) plan in 2009 and as of June 29, 2014, we have not reinstated that benefit.