Retirement Plans

4 Months Ended

Jan. 18, 2015

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 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):

	Sixteen Weeks Ended
	January 18, 2015			January 19, 2014
Defined benefit pension plans:
Service cost	$	2,544		$	2,499
Interest cost	6,983			7,152
Expected return on plan assets	(7,161		)	(7,536		)
Actuarial loss	2,896			1,364
Amortization of unrecognized prior service costs	83			83
Net periodic benefit cost	$	5,345		$	3,562
Postretirement healthcare plans:
Interest cost	$	368		$	504
Actuarial loss	56			167
Net periodic benefit cost	$	424		$	671

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 2015 contributions are as follows (in thousands):

	Defined Benefit Pension Plans		Postretirement Healthcare Plans
Net year-to-date contributions	$	6,453	$	427
Remaining estimated net contributions during fiscal 2015	$	18,000	$	800

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.