Note G – 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.

In addition, the Company provides health care and life insurance for retired salaried employees in the U.S.who meet specific eligibility requirements.

Significant disclosures relating to these benefit plans for the first quarter of fiscal 2018 and 2017 follow:

	Pension Benefits						Postretirement Benefits
	Three Months Ended						Three Months Ended
	March 31, 2018			April 1, 2017			March 31, 2018			April 1, 2017
Service cost	$	329,960		$	317,360		$	9,256		$	6,847
Interest cost		776,792			791,057			19,290			20,207
Expected return on plan assets		(1,304,880	)		(1,195,895	)		(13,913	)		(12,874	)
Amortization of prior service cost		32,691			36,438			(1,268	)		(5,361	)
Amortization of the net loss		277,528			307,870			(16,398	)		(19,400	)
Net periodic benefit cost	$	112,091		$	256,830		$	(3,033	)	$	(10,581	)

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 the year 2018, the Company expects to contribute $510,000 into its pension plans and $105,000 into its postretirement plan. As of March 31, 2018, the Company has not made contributions into its pension plans and has contributed $36,000 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 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 to the plan as follows:

	For the Three Months Ended
	March 31, 2018		April 1, 2017
Regular matching contribution	$	166,015	$	116,475
Transitional credit contribution		124,108		135,370
Non-discretionary contribution		524,373		307,568
Total contributions made for the period	$	814,496	$	559,413

The non-discretionary contribution of $502,617 made in the period of March 31, 2018 was expensed in the prior fiscal year.