Note 14 - Post-Employment Benefit Obligations

12 Months Ended

Nov. 24, 2012

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 $4,244 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:

	2012			2011
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	9,326		$	8,866
Service cost		54			47
Interest cost		376			420
Actuarial losses		709			662
Benefits paid		(660	)		(669	)
Projected benefit obligation at end of year	$	9,805		$	9,326
Accumulated Benefit Obligation	$	9,342		$	9,102
Amounts recognized in the consolidated balance sheet:
Current liabilities	$	843		$	866
Noncurrent liabilities		8,962			8,460
	$	9,805		$	9,326
Amounts recognized in accumulated other comprehensive income:
Transition obligation	$	255		$	297
Actuarial loss		1,732			1,034
Net amount recognized	$	1,987		$	1,331
Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	1,139		$	1,129

	2012		2011		2010
Components of Net Periodic Pension Cost:
Service cost	$	54	$	47	$	44
Interest cost		376		420		422
Amortization of transition obligation		42		42		42
Amortization of other loss		11		-		-
Net periodic pension cost	$	483	$	509	$	508

Assumptions used to determine net periodic pension cost:
Discount rate	4.25	%	5.00	%	5.25	%
Increase in future compensation levels	3.00	%	3.00	%	3.00	%

Estimated Future Benefit Payments (with mortality):
Fiscal 2013	$	843
Fiscal 2014		879
Fiscal 2015		807
Fiscal 2016		770
Fiscal 2017		732
Fiscal 2018 through 2022		3,261

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 $312, $332, and $376 in fiscal 2012, 2011, and 2010, respectively, associated with the plan.  Our liability under this plan was $2,615 and $2,766 as of November 24, 2012 and November 26, 2011, 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 10% of up to 8% of gross pay, regardless of years of service. Expense for employer matching contributions was $175 during fiscal 2012. During fiscal 2011 and 2010, employer matching contributions were suspended and no expense was incurred.