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Employee Benefit Plans
12 Months Ended
Dec. 29, 2013
Employee Benefit Plans  
Employee Benefit Plans

19.  Employee Benefit Plans

 

We have established the Papa John’s International, Inc. 401(k) Plan (the “401(k) Plan”), as a defined contribution benefit plan, in accordance with Section 401(k) of the Internal Revenue Code. The 401(k) Plan is open to employees who meet certain eligibility requirements and allows participating employees to defer receipt of a portion of their compensation and contribute such amount to one or more investment funds. At our discretion, we may make matching contribution payments, which are subject to vesting based on an employee’s length of service with us.

 

In addition, we maintain a non-qualified deferred compensation plan available to certain employees and directors. Under this plan, the participants may defer a certain amount of their compensation, which is credited to the participants’ accounts. The participant-directed investments associated with this plan are included in other long-term assets ($16.8 million and $13.6 million at December 29, 2013 and December 30, 2012, respectively) and the associated liabilities ($15.8 million and $12.8 million at December 29, 2013 and December 30, 2012, respectively) are included in other long-term liabilities in the accompanying consolidated balance sheets.

 

At our discretion, we contributed a matching payment of 1.5%, up to a maximum of 6% deferred, in 2013, 2012 and 2011 of a participating employee’s earnings deferred into both the 401(k) Plan and the non-qualified deferred compensation plan. Such costs were $691,000 in 2013, $630,000 in 2012 and $550,000 in 2011.

 

PJUK, the Company’s United Kingdom subsidiary, provided a pension plan that was frozen in 1999. There are 11 participants in the PJUK pension plan. The Company recorded expense of $60,000, $154,000 and $268,000 associated with the pension plan for the fiscal years ended 2013, 2012 and 2011, respectively. The pension plan was fully funded at December 29, 2013. The Company is taking steps to transfer the remaining assets and liabilities of the pension plan to an outside insurance company.