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Pension and Postretirement Benefits
 9 Months Ended
Mar. 27, 2016
Compensation and Retirement Disclosure [Abstract]  
Pension and Postretirement Benefits
Pension and Postretirement Benefits

The Company has noncontributory defined benefit retirement plans and postretirement plans covering certain employees. The following tables summarize the plans’ income and expense for the periods indicated (in thousands):
 
 
Pension Benefits
 
Other Postretirement Benefits
 
 
Three Months Ended
 
Three Months Ended
 
 
March 27,
2016
 
March 29,
2015
 
March 27,
2016
 
March 29,
2015
Components of Net Periodic Expense (Income):
 
 
 
 
 
 
 
 
Service Cost
 
$
883

 
$
858

 
$
65

 
$
74

Interest Cost on Projected Benefit Obligation
 
13,028

 
12,445

 
811

 
902

Expected Return on Plan Assets
 
(17,800
)
 
(18,659
)
 
—

 
—

Amortization of:
 
 
 
 
 
 
 
 
Prior Service Cost (Credit)
 
45

 
45

 
(665
)
 
(689
)
Actuarial Loss
 
3,252

 
3,315

 
1,011

 
1,162

Net Periodic Expense (Income)
 
$
(592
)
 
$
(1,996
)
 
$
1,222

 
$
1,449



 
 
Pension Benefits
 
Other Postretirement Benefits
 
 
Nine Months Ended
 
Nine Months Ended
 
 
March 27,
2016
 
March 29,
2015
 
March 27,
2016
 
March 29,
2015
Components of Net Periodic Expense (Income):
 
 
 
 
 
 
 
 
Service Cost
 
$
2,649

 
$
2,574

 
$
196

 
$
222

Interest Cost on Projected Benefit Obligation
 
39,083

 
37,336

 
2,432

 
2,706

Expected Return on Plan Assets
 
(53,401
)
 
(55,978
)
 
—

 
—

Amortization of:
 
 
 
 
 
 
 
 
Prior Service Cost (Credit)
 
135

 
135

 
(1,994
)
 
(2,068
)
Actuarial Loss
 
9,755

 
9,946

 
3,033

 
3,486

Net Periodic Expense (Income)
 
$
(1,779
)
 
$
(5,987
)
 
$
3,667

 
$
4,346



The Company expects to make benefit payments of $3.0 million attributable to its non-qualified pension plans during fiscal 2016. During the first nine months of fiscal 2016, the Company made payments of approximately $2.4 million for its non-qualified pension plans. The Company anticipates making benefit payments of approximately $11.9 million for its other postretirement benefit plans during fiscal 2016. During the first nine months of fiscal 2016, the Company made payments of $10.6 million for its other postretirement benefit plans.
 
During the first nine months of fiscal 2016, the Company made no cash contributions to the qualified pension plan. Based upon current regulations and actuarial studies, the Company is not required to make contributions to the qualified pension plan in fiscal 2016 through fiscal 2018. The Company expects to make a contribution to the qualified pension plan in fiscal 2019. The Company may be required to make further contributions in future years depending upon the actual return on plan assets and the funded status of the plan in future periods.

In the third quarter of fiscal 2016, the Company initiated a limited offer for former employees with vested benefits to elect to receive a lump sum payout of their benefit. This program would reduce the size and volatility of the pension plan while allowing former employees who accept the offer to control the investment of their retirement funds. The Company intends to complete this program during the fourth quarter of fiscal 2016. Depending on the number of former employees who participate, the Company could incur a pre-tax pension settlement charge in the fourth quarter of fiscal 2016 in the range of $15 million to $25 million.