Note 14 - Post-Employment Benefit Obligations

12 Months Ended

Nov. 26, 2011

Postemployment Benefits Disclosure [Text Block]

14. Post-Employment Benefit Obligations

Supplemental Retirement Income Plan

We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives.  Upon retirement, the Supplemental Plan provides for lifetime monthly payments in an amount equal to 65% of the participant’s final average compensation as defined in the Supplemental Plan, which is reduced by certain social security benefits to be received and other benefits provided by us.  The Supplemental Plan also provides a death benefit that is calculated as (a) prior to retirement death, which pays the beneficiary 50% of final average annual compensation for a period of 120 months, or (b) post-retirement death, which pays the beneficiary 200% of final average compensation in a single payment. We own life insurance policies with a current net death benefit of $4,307 on these executives and expect to substantially fund this death benefit through the proceeds received upon the death of the executive. Funding for the remaining cash flows is expected to be provided through operations. There are no benefits payable as a result of a termination of employment for any reason other than death or retirement, other than a change of control provision which provides for the immediate vesting and payment of the retirement benefit under the Supplemental Plan in the event of an employment termination resulting from a change of control.

Summarized information for the plan measured as of the end of each year presented, is as follows:

	2011			2010
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	8,866		$	9,857
Service cost		47			44
Interest cost		420			422
Actuarial losses		662			709
Benefits paid		(669	)		(2,166	)
Projected benefit obligation at end of year	$	9,326		$	8,866
Accumulated Benefit Obligation	$	9,102		$	8,619
Amounts recognized in the consolidated balance sheet:
Current liabilities	$	866		$	846
Noncurrent liabilities		8,460			8,020
	$	9,326		$	8,866
Amounts recognized in accumulated other comprehensive income:
Transition obligation	$	297		$	339
Actuarial loss (gain)		1,034			372
Net amount recognized	$	1,331		$	711
Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	1,129		$	1,175

	2011		2010		2009
Components of Net Periodic Pension Cost:
Service cost	$	47	$	44	$	35
Interest cost		420		422		627
Amortization of transition obligation		42		42		42
Net periodic pension cost	$	509	$	508	$	704

Assumptions used to determine net periodic pension cost:
Discount rate	5.00%	5.25%	5.25%
Increase in future compensation levels	3.00%	3.00%	3.00%

Estimated Future Benefit Payments (with mortality):
Fiscal 2012	$	866
Fiscal 2013		837
Fiscal 2014		805
Fiscal 2015		772
Fiscal 2016		738
Fiscal 2017 through 2021		3,143

Deferred Compensation Plan

We have an unfunded Deferred Compensation Plan that covers one current and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or benefits permitted. We recognized expense of $332, $376, and $377 in fiscal 2011, 2010, and 2009, respectively, associated with the plan.  Our liability under this plan was $2,766 and $2,985 as of November 26, 2011 and November 27, 2010, respectively, and is reflected in post employment benefit obligations.

Defined Contribution Plan

We have a qualified defined contribution plan (Employee Savings/Retirement Plan) that covers substantially all employees who elect to participate and have fulfilled the necessary service requirements. Employee contributions to the Plan are matched at the rate of 50% of up to 8% of gross pay, regardless of years of service; however, we suspended the matching contributions effective during the first quarter of 2010 continuing through fiscal 2011.  The Plan incorporates provisions of Section 401(k) of the Internal Revenue Code. Employer matching contributions to the Plan for fiscal 2009 were approximately $29.