10. Employee Benefit Plans

The Company has a qualified profit-sharing savings plan (401(k) plan) covering eligible employees. The 401(k) plan provides a matching contribution equal to 100% of the first 3% of compensation and 50% of the next 2% of compensation deposited by an employee into the 401(k) plan. Prior to fiscal 2017, the plan provided for a contribution of a minimum of 1% of defined compensation for all plan participants and matching of 25% of employee contributions up to 6% of defined compensation. In addition, the Company made additional discretionary contributions. During fiscal 2019 and fiscal 2018, the first 2% of the matching contribution was made with the Company’s common stock. During fiscal 2017, the 1% and discretionary contributions were made with the Company’s common stock.

The Company also sponsors unfunded, nonqualified, defined-benefit and deferred compensation plans. The Company’s unfunded, nonqualified retirement plan includes two components. The first component is a defined-benefit plan that applies to certain participants. The second component applies to all other participants and provides an account-based supplemental retirement benefit. Pension and profit-sharing expense for all plans was $5,065,000, $5,117,000 and $4,415,000 for fiscal 2019, fiscal 2018 and fiscal 2017, respectively.

The Company recognizes actuarial losses and prior service costs related to its defined benefit plan in the consolidated balance sheets and recognizes changes in these amounts in the year in which changes occur through comprehensive income.

The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective December 26, 2019 and December 27, 2018 measurement dates is as follows:


	December 26,		December 27,
	2019		2018
	(in thousands)
Change in benefit obligation:
Benefit obligation at beginning of period	$	35,640	$	37,639
Service cost		833		926
Interest cost		1,485		1,364
Actuarial (gain) loss		7,317		(2,633)
Benefits paid		(1,451)		(1,656)
Benefit obligation at end of year	$	43,824	$	35,640

Amounts recognized in the statement of financial position consist of:
Current accrued benefit liability (included in Other accrued liabilities)	$	(1,400)	$	(1,378)
Noncurrent accrued benefit liability (included in Deferred compensation and other)		(42,424)		(34,262)
Total	$	(43,824)	$	(35,640)

Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	$	16,373	$	9,556
Prior service credit		(451)		(515)
Total	$	15,922	$	9,041


	Year Ended
	December 26,		December 27,		December 28,
	2019		2018		2017
	(in thousands)
Net periodic pension cost:
Service cost	$	833	$	926	$	765
Interest cost		1,485		1,364		1,356
Net amortization of prior service cost and actuarial loss		436		621		356
	$	2,754	$	2,911	$	2,477

The $11,766,000 loss, net of tax, included in accumulated other comprehensive loss at December 26, 2019, consists of the $12,100,000 net actuarial loss, net of tax, and the $334,000 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost. The $6,609,000 loss, net of tax, included in accumulated other comprehensive loss at December 27, 2018, consists of the $6,985,000 net actuarial loss, net of tax, and the $376,000 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost.

The accumulated benefit obligation was $37,474,000 and $30,576,000 as of December 26, 2019 and December 27, 2018, respectively.

The pre-tax change in the benefit obligation recognized in other comprehensive loss was as follows:


	Year Ended
	December 26, 2019		December 27, 2018
	(in thousands)
Net actuarial loss (gain)	$	7,317	(2,633)
Amortization of the net actuarial loss		(499)	(685)
Amortization of the prior year service credit		63	64
Total	$	6,881	(3,254)

The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2020 is $990,000, of which $1,054,000 relates to the actuarial loss and $64,000 relates to the prior service credit.

The weighted-average assumptions used to determine the benefit obligations as of the measurement dates were as follows:


	December 26, 2019		December 27, 2018
Discount rate	3.10	%	4.15	%
Rate of compensation increase	4.00	%	4.00	%

The weighted-average assumptions used to determine net periodic benefit cost were as follows:


	Year Ended
	December 26,		December 27,		December 28,
	2019		2018		2017
Discount rate	4.15	%	3.60	%	4.15	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%

Benefit payments expected to be paid subsequent to December 26, 2019, are:


Fiscal Year	(in thousands)
2020	$	1,400
2021		1,709
2022		1,538
2023		1,532
2024		1,791
Years 2025 – 2029		12,402