Retirement Plans

12 Months Ended

Dec. 30, 2023

Retirement Plans [Abstract]

Retirement Plans

Note 6    Retirement Plans

The following is a schedule of the retirement plan costs for the fiscal years ended December 30, 2023, December 31, 2022 and December 25, 2021.

(amounts in thousands)	2023		2022		2021
Retirement savings plan		5,882		5,155		3,692
Profit Sharing		—		—		2,450
Deferred compensation plan		821		815		810
Supplemental executive retirement plan		875		709		703
Total	$	7,578	$	6,679	$	7,655

The Company has a qualified retirement savings plan, the Weis Markets, Inc. Retirement Savings Plan, covering substantially all associates. Employer contributions are made at the sole discretion of the Company. In 2022, the plan was adjusted to benefit more associates by eliminating the noncontributory profit-sharing component and increasing the contributory component to $0.50 for every dollar that all eligible associates contributed to the plan, up to 6% of their eligible pay.

The Company maintains a non-qualified deferred compensation plan for the payment of specific amounts of annual retirement benefits to certain officers or their beneficiaries over an actuarially computed normal life expectancy. Currently, there are no active officers in the plan. The expected payments under the plan provisions were determined through actuarial calculations dependent on the age of the recipient, using an assumed discount rate. The plan is unfunded and accounted for on an accrual basis. The recorded liability at December 30, 2023 is $3.4 million which is based on expected payments to be made over the remaining lives of the beneficiaries. This amount is included in “Accrued expenses” and “Postretirement benefit obligations” in the Consolidated Balance Sheets. The expected payment amounts are approximately $1.0 million for 2024 and for the years thereafter dependent on the lives of the beneficiaries.

The Company also maintains a non-qualified supplemental executive retirement plan covering highly compensated associates. This plan is designed to provide retirement benefits and salary deferral opportunities because of limitations imposed by the Internal Revenue Code and the Regulations implemented by the Internal Revenue Service. This plan is unfunded and accounted for on an accrual basis. Plan participants are 100% vested in their accounts after three years of service with the Company. Benefits are distributed among participants upon termination or retirement. Substantial risk of benefit forfeiture does exist for participants in this plan. The present value of accumulated benefits amounted to $26.7 million and $22.7 million at December 30, 2023 and December 31, 2022, respectively, and is included in “Postretirement benefit obligations” in the Consolidated Balance Sheets.