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Retirement Plans
12 Months Ended
Jul. 02, 2022
Postemployment Benefits [Abstract]  
Retirement Plans

14. Retirement Plans

Employee Savings Plans

The Company sponsors the Performance Food Group Employee Savings Plan (the “401(k) Plan”). Eligible U.S and Canadian employees participating in the 401(k) Plan may elect to contribute between 1% and 50% of their qualified compensation, up to a maximum dollar amount as specified by the provisions of the Internal Revenue Code in the U.S. or Income Tax Act in Canada, as applicable. The Company matched 100% of the first 3.5% of the employee contributions, resulting in matching contributions of $42.3 million for fiscal 2022, $36.4 million for fiscal 2021, and $30.9 million for fiscal 2020.

Core-Mark maintained defined-contribution plans in the U.S., subject to the provisions of the Internal Revenue Code, and in Canada, subject to the Income Tax Act. Eligible U.S. and Canadian employees could elect to contribute, on a tax-deferred basis, from 0% to 75% of their qualified compensation, up to a maximum dollar amount as specified by the provisions of the Internal Revenue Code or Income Tax Act. Core-Mark matched 50% of U.S. and Canada employee contributions up to 6% of base salary for a total maximum company contribution of 3%. For fiscal 2022, Core-Mark made matching contributions of $4.2 million to this plan. Beginning in May 2022, Core-Mark employees transitioned to the Company’s 401(k) Plan.