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 third quarter and first nine months of fiscal 2013 and 2012 follow:

	Pension Benefits
	Nine Months Ended						Three Months Ended
	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
Service cost	$	2,259,723		$	2,034,985		$	755,661		$	687,789
Interest cost		2,130,467			2,151,392			710,350			723,432
Expected return on plan assets		(3,302,736	)		(2,948,242	)		(1,100,912	)		(982,747	)
Amortization of prior service cost		192,345			165,787			69,630			82,968
Amortization of the net loss		1,065,295			726,863			353,579			241,171
Net periodic benefit cost	$	2,345,094		$	2,130,785		$	788,308		$	752,613

	Postretirement Benefits
	Nine Months Ended						Three Months Ended
	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
Service cost	$	151,926		$	130,210		$	50,642		$	43,403
Interest cost		106,565			107,541			35,522			35,847
Expected return on plan assets		(73,041	)		(72,779	)		(24,347	)		(24,259	)
Amortization of prior service cost		(17,916	)		(17,917	)		(5,972	)		(5,972	)
Amortization of the net loss		14,145			-			4,715			-
Net periodic benefit cost	$	181,679		$	147,055		$	60,560		$	49,019

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 expects to contribute $3,237,000 into its pension plans and $55,000 into its postretirement plan. As of September 28, 2013, the Company has made contributions totaling $491,000 into its pension plans and $28,000 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 $48,062 and $148,797 in the third quarter and first nine months of 2013, respectively and $47,463 and $144,191 in the third quarter and first nine months of 2012, respectively.