Retirement Benefit Plans

3 Months Ended

Mar. 30, 2024

Retirement Benefit Plans

Retirement Benefit Plans

Note L - Retirement Benefit Plans

The Company has four non-contributory defined benefit pension plans covering most U.S. employees. All of these pension plans are frozen and participants in these plans have not accrued benefits since the date on which these plans were frozen. 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 2024 and 2023 are as follows:

	Pension Benefits
	Three Months Ended
	March 30, 2024			April 1, 2023
Service cost	$	178,003		$	216,153
Interest cost		966,702			990,054
Expected return on plan assets		(1,099,035	)		(1,049,016	)
Amortization of the net loss		327,365			342,865
Net periodic benefit cost	$	373,035		$	500,056

	Other Postretirement Benefits
	Three Months Ended
	March 30, 2024			April 1, 2023
Service cost	$	3,574		$	6,486
Interest cost		12,951			14,533
Expected return on plan assets		(4,684	)		(4,849	)
Amortization of prior service cost		1,060			1,060
Amortization of the net loss		(19,567	)		(16,895	)
Net periodic benefit (gain) cost	$	(6,666	)	$	335

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 2024, the Company expects to make cash contributions to its qualified pension plans of approximately $2,100,000 and approximately $50,000 into its other postretirement plan. As of March 30, 2024, the Company has contributed $450,000 to its pension plans and $7,000 to its postretirement plan and expects to make the remaining contributions as required during the remainder of the fiscal 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 401(k) Plan as follows:

	Three Months Ended
	March 30, 2024		April 1, 2023
Regular matching contribution	$	285,563	$	252,761
Transitional credit contribution		28,906		34,320
Non-discretionary contribution		110,890		431,950
Total contributions for the period	$	425,359	$	719,031

The non-discretionary contribution of $328,953 made in the three months ended April 1, 2023, was accrued for, and expensed in the prior fiscal year.

Effective January 1, 2023, the non-discretionary contributions are being contributed on a weekly basis.