11. Pension Plan

As a result of the Acquisition, the Company now fully funds a defined benefit pension scheme (“the Plan”) maintained by Wolfson, for non-U.S. employees, which was closed to new participants as of July 2, 2002. As of April 30, 2011, the participants in the Plan no longer accrue benefits and therefore the Company will not be required to pay contributions in respect to future accrual.

Prior to the acquisition, Wolfson paid deficit contributions of approximately $1.65 million in April 2014. The Company will be obligated to pay approximately $1.65 million by April 30, 2015 and approximately $0.6 million by April 30, 2016. The Company expects to completely close the Plan over the next ten years.

The components of the Company’s net periodic pension expense (income) for the three and six months ended September 27, 2014 and September 28, 2013 are as follows (in thousands):



	Three Months Ended				Six Months Ended
	September 27,		September 28,		September 27,		September 28,
	2014		2013		2014		2013
Interest cost	$	254	$	-	$	254	$	-
Expected return on plan assets		(370)		-		(370)		-
		(116)		-		(116)		-

The following weighted-average assumptions were used to determine net periodic benefit costs for the three months ended September 27, 2014:



Discount rate	4.20	%
Expected long-term return on plan assets	5.58	%

The following tables set forth the benefit obligation, the fair value of plan assets, and the funded status of the Company’s plan (in thousands):



Change in benefit obligation:
Beginning balance at June 29, 2014	$	24,538
Interest cost		254
Benefits paid and expenses		(69)
Actuarial loss		1,344
Total benefit obligation at September 27, 2014		26,067

Change in plan assets:
Beginning balance at June 29, 2014		27,089
Actual return on plan assets		672
Benefits paid and expenses		(69)
Fair value of plan assets at September 27, 2014		27,692

Funded status of plan at September 27, 2014	$	1,625

Based on an actuarial study performed as of September 27, 2014, the plan is overfunded and a long-term asset is reflected in the Company’s consolidated condensed balance sheet under the caption “Other assets”. The weighted-average discount rate assumption used to determine benefit obligations as of September 27, 2014 was 3.9%.