6. Employee benefit plans

401(k) Plan

Prior to January 1, 2020, employees of the Company had to complete 11 months of service to participate in the Company’s 401(K) Plan. Effective January 1, 2020, all domestic employees of the Company are eligible to participate in the Company’s 401(k) Plan immediately upon date of hire. Participants may contribute up to 80% of annual compensation, limited to nineteen thousand five hundred annually (twenty-six thousand for participants aged 50 years and over) as of January 1, 2020. Effective April 15, 2016, the Company temporarily ceased 401(k) matching contributions. Effective September 9, 2018, the Company matched 50% of employee contributions up to 3% of compensation. Effective March 22, 2020, the Company temporarily ceased 401(k) matching contributions. The amount charged to expense for the Company’s matching contribution was $1,120, $618 and $0, for fiscal 2019, fiscal 2018, and fiscal 2017, respectively.

Nonqualified retirement plan

The Company has a nonqualified retirement plan whereby certain employees can elect to defer a portion of their compensation into retirement savings accounts. Under the plan, there is no requirement that the Company match contributions, although the Company may contribute matching payments at its sole discretion. No matching contributions were made to the plan during any of the periods presented. The total fair value of the plan asset recorded in other current assets was $5,066 and $5,810 as of March 28, 2020 and March 30, 2019, respectively. The total carrying value of the plan liability recorded in accrued liabilities was $5,070 and $5,816 as of March 28, 2020 and March 30, 2019, respectively.

Pension plan

The Company provides pension benefits to the employees of Elfa under collectively bargained pension plans in Sweden, which are recorded in other long‑term liabilities. The defined benefit plan provides benefits for participating employees based on years of service and final salary levels at retirement. Certain employees also participate in defined contribution plans for which Company contributions are determined as a percentage of participant compensation. The defined benefit plans are unfunded and approximately 3% of Elfa employees are participants in the defined benefit pension plan.

The following is a reconciliation of the changes in the defined benefit obligations, a statement of funded status, and the related weighted‑average assumptions:


	March 28,			March 30,
	2020			2019
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	4,862		$	4,900
Service cost		46			51
Interest cost		119			141
Benefits paid		(145)			(85)
Actuarial loss		1,240			364
Exchange rate gain		(345)			(509)
Projected benefit obligation, end of year		5,777			4,862
Fair value of plan assets, end of year		—			—
Underfunded status, end of year	$	(5,777)		$	(4,862)
Discount rate		1.3	%		2.6	%
Rate of pay increases		3.0	%		3.0	%

The following table provides the components of net periodic benefit cost for fiscal years 2019, 2018, and 2017:


	Fiscal Year Ended
	March 28,		March 30,		March 31,
	2020		2019		2018
Components of net periodic benefit cost:
Defined benefit plans:
Service cost	$	46	$	51	$	37
Interest cost		119		141		143
Amortization of unrecognized net loss		73		68		63
Net periodic benefit cost for defined benefit plan		238		260		243
Defined contribution plans		1,661		2,078		2,237
Total net periodic benefit cost	$	1,899	$	2,338	$	2,480