EMPLOYEE BENEFIT PLANS

12 Months Ended

May 30, 2014

Compensation And Retirement Disclosure [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 7 – EMPLOYEE BENEFIT PLANS

The Company has a trusteed “Qualified Profit-Sharing Plan” that was amended and restated effective September 1, 2010, known as the Golden Flake Snack Foods, Inc. 401(k) Retirement Savings Plan (the “Plan”).  Prior to September 1, 2010, the Plan was named the Golden Flake Snack Foods, Inc. 401(k) Salary Reduction Plan.  The Plan’s trustee was changed from New York Life Trust Company to State Street Bank and Trust Company effective September 1, 2010.  Also, the Company appointed Diversified Investment Advisors to provide recordkeeping and general administrative services for the Plan effective September 1, 2010.

The Company’s contributions to the Plan are reviewed and approved by the Board of Directors.  For the year ended June 3, 2011, the Board approved an increase in the Company match from 20% of an employee’s eligible contributions to 25% of an employee’s eligible contributions.  The Company’s 401(k) and Profit Sharing Plan changed to December 31st from May 31st starting in 2014.  Total plan contributions for the years ended May 30, 2014 and May 31, 2013 were $90,956 and $154,760, respectively.

The Company has a salary continuation plan with certain of its key officers whereby monthly benefits will be paid for a period of fifteen years following retirement.  The Company is accruing the present value of all retirement benefits until the key officers reach normal retirement age at which time the principal portion of the retirement benefits paid are applied to the liability previously accrued.  The change in the liability for the Salary Continuation Plan is as follows:

	2014			2013
Accrued salary continuation plan - beginning of year	$	1,229,459		$	1,279,233
Benefits accrued		143,695			131,804
Benefits paid		(240,000	)		(181,578	)
Accrued salary continuation plan - end of year	$	1,133,154		$	1,229,459