Retirement Benefit Plans

3 Months Ended

Apr. 04, 2015

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 2015 and 2014 follow:

	Pension Benefits						Postretirement Benefits
	Three Months Ended							Three Months Ended
	April 4, 2015			March 29, 2014				April 4, 2015			March 29, 2014
Service cost	$	964,987		$	698,424			$	54,393		$	42,000
Interest cost		859,259			829,299				38,729			40,250
Expected return on plan assets		(1,287,914	)		(1,202,632	)			(22,984	)		(22,250	)
Amortization of prior service cost		54,647			54,647				(5,972	)		(6,000	)
Amortization of the net loss		472,728			236,033				4,701			--
Net periodic benefit cost	$	1,063,707		$	615,771			$	68,867		$	54,000

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 2015, the Company expects to contribute $3.0 million into its pension plans and $150,000 into its postretirement plan. As of April 4, 2015, the Company has made contributions totaling approximately $0 into its pension plans and $32,000 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 $52,266 and $52,491 in the first quarter of 2015 and 2014, respectively.