Quarterly report pursuant to Section 13 or 15(d)

Supplemental Retirement Plan and Related Post Retirement Benefits

v2.4.0.8
Supplemental Retirement Plan and Related Post Retirement Benefits
6 Months Ended
Jun. 28, 2014
Compensation And Retirement Disclosure [Abstract]  
Supplemental Retirement Plan and Related Post Retirement Benefits

12) Supplemental Retirement Plan and Related Post Retirement Benefits

The Company has two non-qualified supplemental retirement defined benefit plans (“SERP” and “SERP II”) for certain executive officers. The following table sets forth information regarding the net periodic pension cost for the plans.

 

     Six Months Ended      Three Months Ended  
(In thousands)    June 28,
2014
     June 29,
2013
     June 28,
2014
     June 29,
2013
 

Service cost

   $ 124       $ 148       $ 62       $ 74   

Interest cost

     376         310         188         155   

Amortization of prior service cost

     260         248         130         124   

Amortization of net actuarial losses

     54         64         27         32   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net periodic cost

   $ 814       $ 770       $ 407       $ 385   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

Participants in the SERP are entitled to paid medical, dental and long-term care insurance benefits upon retirement under the plan. The following table sets forth information regarding the net periodic cost recognized for those benefits:

 

     Six Months Ended      Three Months Ended  
(In thousands)    June 28,
2014
     June 29,
2013
     June 28,
2014
     June 29,
2013
 

Service cost

   $ 1       $ 2       $ 1       $ 1   

Interest cost

     16         12         8         6   

Amortization of prior service cost

     12         12         6         6   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net periodic cost

   $ 29       $ 26       $ 15       $ 13