Employee Benefit Plans

3 Months Ended

Apr. 02, 2016

Compensation Related Costs [Abstract]

Employee Benefit Plans

Employee Benefit Plans

Employee bonus plans

We currently sponsor an executive incentive bonus plan that pays cash awards to employees based on the achievement of predetermined targets. We recorded a charge of $1.9 million under this bonus plan for the three month period ended April 2, 2016, as compared to $0.6 million for the corresponding period of 2015.

Employee savings and retirement plans

We sponsor a 401(k) employee salary deferral plan that allows voluntary contributions by all full-time employees up to the Internal Revenue Service limits of their pretax earnings. We may also make matching contributions to this plan at our discretion. Employees are eligible for the matching plan if they contribute at least 2% of their compensation. Our contributions, when made, are limited to a maximum of 3% of the employee’s compensation if the Company exceeds certain income levels. We made no contributions to this plan during the three month periods ended April 2, 2016 and April 4, 2015.

We also sponsor an executive non-qualified deferred compensation plan (the "Plan") that allows qualifying executives to defer current cash compensation. As of April 2, 2016, Plan assets of $4.4 million, representing the cash surrender value of life insurance policies held by us and liabilities of $5.3 million were included in our Consolidated Balance Sheets under the captions “Other assets” and “Other liabilities,” respectively. The related Plan expenses for each of the three month periods ended April 2, 2016 and April 4, 2015 were insignificant.

Post-retirement benefits

We have committed to providing and fully paying for lifetime postretirement medical and dental benefits to our Chief Executive Officer, our Chief Financial Officer and their respective spouses, commencing after retirement. We recorded net periodic benefit costs of an insignificant amount for the three month periods ended April 2, 2016 and April 4, 2015.