Note K - Retirement Benefit Plans

The Company has non-contributory defined benefit pension plans covering most U.S. employees. Plan benefits are generally based upon age at retirement, years of service and, for its salaried plan, the level of compensation. The Company also sponsors unfunded non-qualified supplemental retirement plans that provide certain former officers with benefits in excess of limits imposed by federal tax law.

The Company also provides health care and life insurance for retired salaried employees in the United States who meet specific eligibility requirements.

Significant disclosures relating to these benefit plans for the first quarter of fiscal years 2019 and 2018 are as follows:

	Pension Benefits						Postretirement Benefits
	Three Months Ended						Three Months Ended
	March 30, 2019			March 31, 2018			March 30, 2019			March 31, 2018
Service cost	$	263,852		$	329,960		$	8,216		$	9,256
Interest cost		879,080			776,792			20,346			19,290
Expected return on plan assets		(1,190,330	)		(1,304,880	)		(14,481	)		(13,913	)
Amortization of prior service cost		24,845			32,691			(1,268	)		(1,268	)
Amortization of the net loss		290,549			277,528			(20,507	)		(16,398	)
Net periodic benefit cost	$	267,996		$	112,091		$	(7,694	)	$	(3,033	)

The Company's funding policy with respect to its qualified plans is to contribute at least the minimum amount required by applicable laws and regulations. In fiscal year 2019, the Company expects to contribute $600,000 into its pension plans and $105,000 into its postretirement plan. As of March 30, 2019, the Company has not made contributions into its pension plans, has contributed $26,000 to its postretirement plan and will make the remaining contributions as required during the remainder of fiscal the year.

The Company has a contributory savings plan under Section 401(k) of the Internal Revenue Code (the "401(k) Plan") covering substantially all U.S. non-union employees. The 401(k) Plan allows participants to make voluntary contributions from their annual compensation on a pre-tax basis, subject to limitations under the Internal Revenue Code. The 401(k) Plan provides for contributions by the Company at its discretion.

The Company made contributions to the plan as follows:

	For the Three Months Ended
	March 30, 2019		March 31, 2018
Regular matching contribution	$	156,267	$	166,015
Transitional credit contribution		103,524		124,108
Non-discretionary contribution		587,041		524,373
Total contributions made for the period	$	846,832	$	814,496

The non-discretionary contribution of $565,748 made in the three months ended March 30, 2019 was accrued for and expensed in the prior fiscal year.