Retirement Benefit Plans

3 Months Ended

Mar. 30, 2013

Retirement Benefit Plans [Abstract]

Retirement Benefit Plans

Note I – Retirement Benefit Plans

The Company has non-contributory defined benefit pension plans covering certain U.S. employees. Plan benefits are generally based upon age at retirement, years of service and, for its salaried plan, the level of compensation. The Company also sponsors unfunded nonqualified supplemental retirement plans that provide certain current and former officers with benefits in excess of limits imposed by federal tax law.

The Company also provides health care and life insurance for retired salaried employees in the United States who meet specific eligibility requirements.

Significant disclosures relating to these benefit plans for the first quarter of fiscal 2013 and 2012 follow:

	Pension Benefits						Postretirement Benefits
	Three Months Ended							Three Months Ended
	March 30, 2013			March 31, 2012				March 30, 2013			March 31, 2012
Service cost	$	752,032		$	672,647			$	50,642		$	37,500
Interest cost		710,059			713,980				35,522			34,000
Expected return on plan assets		(1,100,912	)		(982,747	)			(24,347	)		(24,250	)
Amortization of prior service cost		61,356			41,409				(5,972	)		(6,000	)
Amortization of the net loss		355,859			242,847				4,715			-
Net periodic benefit cost	$	778,394		$	688,136			$	60,560		$	41,250

The Company's funding policy with respect to its qualified plans is to contribute at least the minimum amount required by applicable laws and regulations.  In 2013, the Company is required to contribute $1,121,000 into its pension plans and $155,000 into its postretirement plan. As of March 30, 2013, the Company has made contributions totaling $0 into its pension plans and $12,000 to its postretirement plan and will make the remaining contributions as required during the remainder of the year.

The Company has a contributory savings plan under Section 401(k) of the Internal Revenue Code covering substantially all U.S. non-union employees. The plan allows participants to make voluntary contributions of up to 100% of their annual compensation on a pretax basis, subject to IRS limitations. The plan provides for contributions by the Company at its discretion. The Company made contributions of $51,351 and $49,456 in the first quarter of 2013 and 2012, respectively.