EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Jan. 03, 2015

A reconciliation of changes in the projected pension benefit obligation and plan assets is as follows:



	For the fiscal years ended
(dollars in thousands)	January 3, 2015			December 28, 2013
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	53,386		$	59,331
Interest cost	2,488			2,335
Actuarial loss (gain)	9,420			(6,490		)
Benefits paid	(1,779		)	(1,790		)
Projected benefit obligation at end of year	$	63,515		$	53,386

Change in plan assets:
Fair value of plan assets at beginning of year	$	49,618		$	45,774
Actual return on plan assets	4,645			5,634
Benefits paid	(1,779		)	(1,790		)
Fair value of plan assets at end of year	$	52,484		$	49,618

Unfunded status	$	11,031		$	3,768

The net periodic pension (benefit) cost included in the statement of operations was comprised of:



	For the fiscal years ended
(dollars in thousands)	January 3, 2015			December 28, 2013			December 29, 2012
Interest cost	$	2,488		$	2,335		$	2,388
Expected return on plan assets	(3,193		)	(3,058		)	(2,852		)
Recognized actuarial loss (a)	85			831			710
Net periodic pension (benefit) cost	$	(620	)	$	108		$	246

The components of post-retirement benefit expense charged to the statement of operations were as follows:



	For the fiscal years ended
(dollars in thousands)	January 3, 2015			December 28, 2013			December 29, 2012

Service cost – benefits attributed to service during the period	$	113		$	161		$	135
Interest cost on accumulated post-retirement benefit obligation	230			231			282
Amortization net actuarial gain (a)	(206		)	(135		)	(84		)
Curtailment gain	(291		)	(278		)	—
Total net periodic post-retirement benefit (income) cost	$	(154	)	$	(21	)	$	333

The actuarial computations utilized the following assumptions, using year-end measurement dates:

The actuarial computations utilized the following assumptions, using year-end measurement dates:



Benefit obligation	2014	2013
Discount rate	4.00%	4.75%

Net periodic pension cost	2014	2013	2012
Discount rate	4.75%	4.00%	4.50%
Expected long-term rate of return on assets	6.50%	7.00%	7.00%

The Company currently expects benefit payments for its defined benefit pension plans as follows for the next ten fiscal years;

The fair value of the Company's pension plan assets at January 3, 2015 and December 28, 2013, by asset category, were as follows:



	January 3, 2015						December 28, 2013

(dollars in thousands) Asset Category	Total		Level 1		Level 2		Total		Level 1		Level 2
Cash and cash equivalents	$	133	$	133	$	—	$	117	$	—	$	117
Equity Securities:
U.S. Large-Cap blend (a)	8,671		4,337		4,334		11,250		5,623		5,627
U.S. Large-Cap growth	4,346		4,346		—		5,630		5,630		—
U.S. Mid-Cap growth	2,609		—		2,609		3,473		—		3,473
U.S. Small-Cap blend	2,596		2,596		—		1,486		1,486		—
International blend	2,614		2,614		—		1,486		1,486		—
Fixed income securities:
Corporate bonds (b)	26,325		26,325		—		21,257		21,257		—
Real estate (c)	5,190		5,190		—		4,919		4,919		—
	$	52,484	$	45,541	$	6,943	$	49,618	$	40,401	$	9,217

(a) This category comprises low-cost equity index funds not actively managed that track the Standard & Poor's 500 Index.

(b) This category invests in both U.S. Treasuries and mid-term corporate debt from U.S. issuers from diverse industries.

(c) This category represents an investment in a mutual fund that invests primarily in real estate securities, including common

stocks, preferred stock and other equity securities issued by real estate companies.

The following is a reconciliation of the accumulated post-retirement benefit obligation (“APBO”) under this plan:



	For the fiscal years ended
(dollars in thousands)	January 3, 2015			December 28, 2013
APBO at beginning of period	$	5,730		$	6,876
Service cost	113			161
Interest cost	230			231
Actuarial loss (gain)	32			(716		)
Plan participants' contribution	18			19
Benefits paid	(501		)	(563		)
Curtailment gain	(291		)	(278		)
APBO at end of period	$	5,331		$	5,730