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
 6 Months Ended
Jun. 30, 2012
Supplemental Retirement Plan and Related Post Retirement Benefits [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 30,
2012		     July 2,
2011		     June 30,
2012		     July 2,
2011		  
         

Service cost

   $ 128     $ 24     $ 88     $ 12  

Interest cost

     252       164       147       82  

Amortization of prior service cost

     181       54       122       27  

Amortization of net actuarial losses

     46       6       23       3  
   

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic cost

   $ 607     $ 248     $ 380     $ 124  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

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 30,
2012		     July 2,
2011		     June 30,
2012		     July 2,
2011		  
         

Service cost

   $ 1     $ —       $ —       $ —    

Interest cost

     12       14       6       7  

Amortization of prior service cost

     13       12       7       6  

Amortization of net actuarial gains

     —         (2 )      —         (1 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic cost

   $ 26     $ 24     $ 13     $ 12  
   

 

 

    

 

 

    

 

 

    

 

 

  

On March 6, 2012 the Company adopted a second non-qualified supplemental retirement defined benefit plan (“SERP II”) for eligible executive officers. The Company recorded a liability at the date of adoption of $5.8 million for the projected benefit obligation. Pension cost of the new plan for the year ending December 31, 2012 is estimated to be approximately $0.8 million. The plan is unfunded and the Company does not expect to make and contributions to the plan, nor does it expect any benefits will be paid from the plan in 2012.