Retirement Plans

12 Months Ended

Dec. 28, 2024

Retirement Plans

Retirement Plans

Note 6    Retirement Plans

The following is a schedule of the retirement plan costs for the fiscal years ended December 28, 2024, December 30, 2023 and December 31, 2022.

(amounts in thousands)	2024		2023		2022
Retirement savings plan		5,976		5,882		5,155
Profit Sharing		—		—		—
Deferred compensation plan		(2,381)		821		815
Supplemental executive retirement plan		793		875		709
Total	$	4,388	$	7,578	$	6,679

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

The Company maintained 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. The expected payments under the plan provisions were determined through actuarial calculations dependent on the age of the recipient, using an assumed discount rate. As of December 28, 2024, there are no active participants in the plan. A benefit payment of approximately $1.0 million was made in 2024 and the $2.4 million remaining liability was reversed.

The Company also maintains a non-qualified supplemental executive retirement plan covering highly compensated employees. 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 $31.1 million and $26.7 million at December 28, 2024 and December 30, 2023, respectively, and is included in “Postretirement benefit obligations” in the Consolidated Balance Sheets.