Note 8 - Employee Benefit Plans

9 Months Ended

Jun. 29, 2019

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

(

8

) Employee Benefit Plans

Supplemental employee retirement plan

.

We have Retirement Security Agreements (each, a “SERP”) with certain of our employees (each, a “Participant”). Under the SERPs, if the Participant remains in continuous service with us for a period of at least

30

 years, we will pay the Participant a supplemental retirement benefit for the

15

-year period following the Participant’s retirement equal to

50%

of the Participant’s highest average annual base salary for

five

consecutive years in the

10

-year period preceding the Participant’s retirement. If the Participant retires prior to the later of age

65

or the completion of

30

 years of continuous service with us, but has completed at least

10

years of continuous service, the amount of the Participant’s supplemental retirement benefit will be reduced by

1/360th

for each month short of

30

 years that the Participant was employed by us.

Net periodic pension cost for the SERPs includes the following components:

	Three Months Ended				Nine Months Ended
	June 29,		June 30,		June 29,		June 30,
(In thousands)	2019		2018		2019		2018
Interest cost	$	96	$	86	$	288	$	258
Service cost		74		70		222		209
Recognized net actuarial loss		35		38		105		114
Net periodic pension cost	$	205	$	194	$	615	$	581