Retirement Plan

12 Months Ended

Sep. 27, 2022

Retirement Plan [Abstract]

Retirement Plan

9. Retirement Plan:

The Company sponsors a qualified defined contribution 401(k) plan for employees meeting certain eligibility requirements. Under the plan, employees are entitled to make contributions on both a pre-tax basis or after-tax basis (Roth Contributions). In fiscal 2015 the Company modified the plan to include a provision to make a Safe Harbor Matching Contribution to all participating employees. The Company will match, on a dollar-for-dollar basis, the first 3% of eligible pay contributed by employees. The Company will also match 50% of each dollar contributed between 3% and 5% of eligible pay contributed by employees. The Company may, at its discretion, make additional contributions to the Plan or change the matching percentage. The Company’s matching contribution expense in the fiscal years ended September 27, 2022 and September 28, 2021 was $207,000 and $216,000, respectively. The matching contribution has historically been contributed to the plan in the fiscal year following the year in which the expense is recognized. During the current year, the Company changed the method in which the matching contribution is made, such that the match is made at the same time employee contributions are made, with a true-up contribution made in the fiscal year following the year in which any respective expense would be recognized.