Quarterly report pursuant to Section 13 or 15(d)

Supplemental Retirement Plan and Related Post Retirement Benefits

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Supplemental Retirement Plan and Related Post Retirement Benefits
 9 Months Ended
Sep. 27, 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.

 

     Nine Months Ended      Three Months Ended  
(In thousands)    Sept. 27,
2014		      Sept. 28,
2013		      Sept. 27,
2014		      Sept. 28,
2013		  

Service cost

    $ 187       $ 222       $ 62       $ 74   

Interest cost

      565         465         188         155   

Amortization of prior service cost

      390         370         130         121   

Amortization of net actuarial losses

      80         95         27         32   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net periodic cost

    $ 1,222       $ 1,152       $ 407       $ 382   
  

 

 

     

 

 

     

 

 

     

 

 

  

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:

 

     Nine Months Ended      Three Months Ended  
(In thousands)    Sept. 27,
2014		      Sept. 28,
2013		      Sept. 27,
2014		      Sept. 28,
2013		  

Service cost

    $ 3       $ 3       $ 1       $ 1   

Interest cost

      24         18         8         6   

Amortization of prior service cost

      18         18         6         6   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net periodic cost

    $ 45       $ 39       $ 15       $ 13