Annual report pursuant to Section 13 and 15(d)

Note 11 - Employee Benefit Plans

Note 11 - Employee Benefit Plans

12 Months Ended

Sep. 28, 2019

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

Note

11—Employee

Benefit Plans

We sponsor and maintain a

401

(k) retirement savings plan (the

“401

(k) Plan”) for our employees who meet certain requirements. The

401

(k) Plan permits participants to make pre-tax contributions by salary reduction pursuant to Section

401

(k) of the Internal Revenue Code, as well as a Roth Plan that allows for after tax contributions. The

401

(k) Plan requires for us to make a guaranteed match of a defined portion of the employee’s contributions. During fiscal years

2019

and

2018

we contributed

$1.0

million and

$0.9

million, respectively, to the

401

(k) Plan.

We provide post-retirement life insurance benefits for certain retired employees. The plan is noncontributory and is unfunded, and therefore, benefits and expenses are paid from our general assets as they are incurred. All of the employees in the plan are fully vested, and the plan was closed to new employees in

1990.

The discount rate used in determining the liability was

6.0%

for fiscal years

2019

and

2018.

The following table presents the benefit obligation, which is included in accrued expenses in the accompanying balance sheets (in thousands).

	September 28, 2019			September 29, 2018
Balance at beginning of year	$	313		$	343
Interest expense		2			3
Benefits paid		(9	)		(34	)
Adjustment		1			1
Balance at end of year	$	307		$	313