Note J - Retirement Benefit Plans

The Company has non-contributory defined benefit pension plans covering most U.S. employees. Plan benefits are generally based upon age at retirement, years of service and, for the plan covering salaried employees, the level of compensation. The Company also sponsors unfunded non-qualified supplemental retirement plans that provide certain 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 years 2020 and 2019 are as follows:

	Pension Benefits						Postretirement Benefits
	Three Months Ended						Three Months Ended
	March 28, 2020			March 30, 2019			March 28, 2020			March 30, 2019
Service cost	$	266,436		$	263,852		$	10,855		$	8,216
Interest cost		714,143			879,080			11,667			20,346
Expected return on plan assets		(1,365,261	)		(1,190,330	)		(5,589	)		(14,481	)
Amortization of prior service cost		24,845			24,845			(2,063	)		(1,268	)
Amortization of the net loss		325,034			290,549			(6,377	)		(20,507	)
Net periodic benefit cost (benefit)	$	(34,803	)	$	267,996		$	8,493		$	(7,694	)

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 fiscal year 2020, the Company expects to contribute $2,690,000 into its pension plans and $50,000 into its postretirement plan. As of March 20, 2020, the Company has made contributions of approximately $400,000 into its pension plans, has contributed $11,000 to its postretirement plan and will make the remaining contributions as required during the remainder of fiscal the year.

The Company has a contributory savings plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”) covering substantially all U.S. non-union employees. The 401(k) Plan allows participants to make voluntary contributions from their annual compensation on a pre-tax basis, subject to limitations under the Internal Revenue Code. The 401(k) 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 28, 2020		March 30, 2019
Regular matching contribution	$	204,992	$	156,267
Transitional credit contribution		82,127		103,524
Non-discretionary contribution		567,657		587,041
Total contributions made for the period	$	854,776	$	846,832

The non-discretionary contribution of $550,286 made in the three months ended March 28, 2020 was accrued for and expensed in the prior fiscal year.