3. Employee Retirement Benefit Plans: Schedule of Settlement of Pension Plan Liabilities (Tables)

9 Months Ended

Oct. 02, 2015

Tables/Schedules

Schedule of Settlement of Pension Plan Liabilities

settlement of the Pension Plan Liabilities was recorded as of April 21, 2015 as follows:

Unfunded Pension Plan Liability	$35,870
Market value of common shares issued from treasury	(71)
Pension Settlement Obligation	(7,643)
Total consideration to PBGC	(7,714)
Total gain from settlement of  Pension Plan Liabilities	$28,156
Gain recorded as:
Charge to statement of operations	$(3,620)
Other comprehensive Income	31,776
Contribution to total comprehensive income	$28,156

After applying the first $1,500 installment made on May 1, 2015 and recording imputed interest expense at 7%, the balance of the Pension Settlement Obligation is recorded with liabilities on the Balance Sheet as follows as of October 2, 2015:

Current portion of pension settlement obligation	$534
Pension settlement obligation, net of current portion	5,624
Total Pension Settlement Obligation	$6,158