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Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans
12 Months Ended
Mar. 29, 2020
Retirement Benefits [Abstract]  
Profit Sharing, Employee Stock Ownership Plan, Employee Stock Purchase Plan and Defined Contribution Pension Plan Contribution Expense Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension PlansCompany Sponsored Plans. The majority of our non-bargaining unit employees are eligible to participate in a company-sponsored profit sharing plan. Contributions are made at our discretion subject to a maximum amount allowed under the Internal Revenue Code (“IRC”). The profit sharing plan contribution level for each employee depends upon date of hire, and was 2.5% or 5.0% of each employee’s eligible compensation for fiscal 2020, 2019 and 2018. We also have in place a retirement plan covering our collective bargaining unit employees. The retirement plan provides for a contribution of 2.5% or 5.0% of each employee’s eligible annual wages depending on their hire date. In addition to the employer contributions described above, both the profit sharing plan and the retirement plant include a 401(k) plan that allows employees to contribute pre-tax earnings up to the maximum amount allowed under the IRC, with an employer match of up to 5% of the employee’s eligible compensation.
We have two employee stock ownership plans (“ESOPs”), one covering the majority of our non-bargaining unit employees and the other covering our collective bargaining unit employees. Contributions to the plan covering our non-bargaining unit employees are made at our discretion. Contributions to both plans are subject to a maximum amount allowed under the IRC, and were 2.5% or 5.0% of each employee’s eligible wages, depending on each eligible employee’s hire date, for fiscal 2020, 2019 and 2018.
We have a nonqualified deferred compensation plan covering employees who are classified as “highly compensated employees” as determined by IRS guidelines for the plan year and who were hired on or before April 1, 2012. Employees who are eligible for the nonqualified deferred compensation plan for any plan year are not eligible for the profit sharing plan contribution or the ESOP contributions described above for that plan year. Our contribution to the nonqualified deferred compensation plan for fiscal 2020, 2019 and 2018 was 10% of each employee’s eligible compensation, subject to the maximum amount allowed under the IRC.
We have an employee stock purchase plan (“ESPP”) covering substantially all of our employees. The ESPP allows employees to purchase newly-issued shares of the Company’s common stock at a discount from market. The number of new shares issued under the ESPP was 38,550 in fiscal 2020, 43,678 in fiscal 2019 and 41,304 in fiscal 2018.

The following represents the contribution expense for these company-sponsored plans for fiscal 2020, 2019 and 2018:
(In thousands)202020192018
Non-bargaining unit employee plans:
   Profit sharing$631  $899  $779  
   401(k) matching contributions2,399  2,390  2,143  
   ESOP631  899  779  
Nonqualified deferred compensation plan1,262  1,246  1,258  
Bargaining unit employee plans481  474  496  
ESPP - all employees431  376  364  
Total contribution expense$5,835  $6,284  $5,819  

In 2013, we withdrew from a collectively bargained multiemployer pension plan and recorded a liability for our share of the unfunded vested benefits. Payments of $467,000 per year are being made through 2034.