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 2014 and 2013 follow:

	Pension Benefits						Postretirement Benefits
	Three Months Ended						Three Months Ended
	March 29, 2014			March 30, 2013			March 29, 2014			March 30, 2013
Service cost	$	698,424		$	752,032		$	42,000		$	50,642
Interest cost		829,299			710,059			40,250			35,522
Expected return on plan assets		(1,202,632	)		(1,100,912	)		(22,250	)		(24,347	)
Amortization of prior service cost		54,647			61,356			(6,000	)		(5,972	)
Amortization of the net loss		236,033			355,859			--			4,715
Net periodic benefit cost	$	615,771		$	778,394		$	54,000		$	60,560

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 2014, the Company expects to contribute $2.5 million into its pension plans and $63,000 into its postretirement plan. As of March 29, 2014, the Company has made contributions totaling approximately $0 into its pension plans and $4,000 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 $52,491 and $51,351 in the first quarter of 2014 and 2013, respectively.