Note 13 - Post-Employment Benefit Obligations

12 Months Ended

Nov. 30, 2013

Postemployment Benefits [Abstract]

Postemployment Benefits Disclosure [Text Block]

13. 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 on these executives with a current net death benefit of $3,316 at November 30, 2013 and we 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:

	2013			2012
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	9,805			$	9,326
Service cost		71				54
Interest cost		350				376
Actuarial losses		434				709
Benefits paid		(885	)			(660	)
Projected benefit obligation at end of year	$	9,775			$	9,805
Accumulated Benefit Obligation	$	9,215			$	9,342
Amounts recognized in the consolidated balance sheet:
Current liabilities	$	810			$	843
Noncurrent liabilities		8,965				8,962
	$	9,775			$	9,805
Amounts recognized in accumulated other comprehensive income:
Transition obligation	$	212			$	255
Actuarial loss		2,085				1,732
Net amount recognized	$	2,297			$	1,987
Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	854			$	1,139

	2013		2012		2011
Components of Net Periodic Pension Cost:
Service cost	$	71	$	54	$	47
Interest cost		350		376		420
Amortization of transition obligation		42		42		42
Amortization of other loss		81		11		-
Net periodic pension cost	$	544	$	483	$	509

Assumptions used to determine net periodic pension cost:
Discount rate	3.75	%	4.25	%	5.00	%
Increase in future compensation levels	3.00	%	3.00	%	3.00	%

Estimated Future Benefit Payments (with mortality):
Fiscal 2014	$	810
Fiscal 2015		769
Fiscal 2016		727
Fiscal 2017		685
Fiscal 2018		645
Fiscal 2019 through 2023		3,233

Of the $2,297 recognized in accumulated other comprehensive income at November 30, 2013, $42 of net transition obligation and $123 of net loss are expected to be recognized as components of net periodic pension cost during fiscal 2014.

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 $288, $312, and $332 in fiscal 2013, 2012, and 2011, respectively, associated with the plan. Our liability under this plan was $2,555 and $2,615 as of November 30, 2013 and November 24, 2012, respectively. The non-current portion of this obligation is included in post employment benefit obligations in our consolidated balance sheets, with the current portion included in accrued compensation and benefits.

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 15% of up to 8% of gross pay, regardless of years of service. Expense for employer matching contributions was $340 and $175 during fiscal 2013 and 2012, respectively. During fiscal 2011, employer matching contributions remained suspended and no expense was incurred.