Retirement Plans

9 Months Ended

Jul. 06, 2014

Pension and Other Postretirement Benefit Expense [Abstract]

Retirement Plans

RETIREMENT PLANS

Defined benefit pension plans — We sponsor two defined benefit pension plans: a qualified plan covering substantially all full-time Jack in the Box employees hired prior to January 1, 2011, and an unfunded supplemental executive plan which provides certain employees additional pension benefits and was closed to new participants effective January 1, 2007. In fiscal 2011, the Board of Directors approved changes to our qualified plan whereby participants will no longer accrue benefits under this plan effective December 31, 2015. Benefits under both plans are based on the employees’ years of service and compensation over defined periods of employment.

Postretirement healthcare plans — We also sponsor two healthcare plans, closed to new participants, that provide postretirement medical benefits to certain employees who have met minimum age and service requirements. The plans are contributory, with retiree contributions adjusted annually, and contain other cost-sharing features such as deductibles and coinsurance.

Net periodic benefit cost — The components of net periodic benefit cost in each period were as follows (in thousands):

	Quarter						Year-to-Date
	July 6, 2014			July 7, 2013			July 6, 2014			July 7, 2013
Defined benefit pension plans:
Service cost	$	1,875		$	2,481		$	6,249		$	8,271
Interest cost	5,364			5,222			17,880			17,406
Expected return on plan assets	(5,652		)	(5,242		)	(18,840		)	(17,472		)
Actuarial loss	1,023			4,116			3,411			13,719
Amortization of unrecognized prior service cost	62			62			207			207
Net periodic benefit cost	$	2,672		$	6,639		$	8,907		$	22,131
Postretirement healthcare plans:
Interest cost	$	379		$	366		$	1,261		$	1,220
Actuarial loss	125			183			417			608
Net periodic benefit cost	$	504		$	549		$	1,678		$	1,828

Future cash flows — Our policy is to fund our plans at or above the minimum required by law. As of the date of our last actuarial funding valuation, there was no minimum contribution funding requirement. Details regarding fiscal 2014 contributions are as follows (in thousands):

	Defined Benefit Pension Plans		Postretirement Healthcare Plans
Net year-to-date contributions	$	13,065	$	1,042
Remaining estimated net contributions during fiscal 2014	$	11,300	$	400

We will continue to evaluate contributions to our qualified defined benefit pension plan based on changes in pension assets as a result of asset performance in the current market and economic environment.