Note 14 - Employee Retirement Plans

12 Months Ended

Jul. 03, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

The Company has a 401(k) Profit Sharing Plan covering substantially all of its eligible employees. All employees who have attained the age of 21 are eligible to participate upon completion of one month of service. Participants may elect to make voluntary contributions to the 401(k) plan in amounts not exceeding federal guidelines. On an annual basis the Company, as determined by its board of directors, may make certain discretionary contributions. Employees are vested in the Company's contributions based upon years of service. The Company contributed $1.9 million, $1.6 million, and $1.5 million during fiscal years 2022, 2021, and 2020, respectively.

The Company also has a nonqualified supplemental deferred compensation plan for certain executives pursuant to Section 409A of the Internal Revenue Code. Participants can defer from 1% up to a maximum of 100% of salary and performance and non-performance based bonus. There were no Company contributions to the plan during fiscal years 2022, 2021 and 2020. Distributions will be made to participants upon termination of employment or death in a lump sum, unless installments are selected by the participant. As of July 3, 2022 and June 27, 2021, these plan liabilities, which are included in “Other liabilities” within the Company’s consolidated balance sheets, totaled $17.8 million and $21.7 million, respectively. The associated plan assets, which are subject to the claims of the creditors, are primarily invested in mutual funds and are included in “Other assets” within the Company’s consolidated balance sheets. The gains (losses) on these investments, which were ($3.6 million), $5.7 million, and $0.3 million, for the years ended July 3, 2022, June 27, 2021, and June 28, 2020, respectively, are included in “Other (income) expense, net,” within the Company’s consolidated statements of income.