RETIREMENT PLANS

Defined Contribution Plans

We have a Savings Plus Plan that is a 401(k) plan that allows our U.S. employees to accumulate savings on a pre-tax basis. In addition, matching contributions are made to the Plan based upon pre-established rates. Our matching contributions amounted to approximately $6.2 million in 2014, $4.9 million in 2013, and $4.0 million in 2012. Upon Board approval, additional discretionary contributions can also be made. No discretionary contributions were made for the Savings Plan in fiscal 2014, 2013, or 2012.

Some of our subsidiaries also have defined contribution plans, to which plan both the employee and the employer make contributions. The employer contributions to these plans totaled $0.8 million, $2.4 million, and $0.8 million in fiscal 2014, 2013, and 2012, respectively.

Defined Benefit Plans

ASC Topic 715, Compensation — Retirement Benefits, requires an employer to: (a) recognize in its statement of financial position an asset for a plan’s over-funded status or a liability for a plan’s under-funded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize changes in the funded status of a defined benefit post retirement plan in the year in which the changes occur. Accordingly, the Company is required to report changes in its funded status in comprehensive income on its Statement of Stockholders’ Equity and Comprehensive Income.

Benefits under these plans are generally based on either career average or final average salaries and creditable years of service as defined in the plans. The annual cost for these plans is determined using the projected unit credit actuarial cost method that includes actuarial assumptions and estimates which are subject to change.

Some of the our foreign subsidiaries have defined benefit pension plans covering substantially all full time employees at those subsidiaries. Net periodic benefit costs for the plans in the aggregate include the following components:



(In thousands)	March 29, 2014			March 30, 2013			March 31, 2012
Service cost	$	3,351		$	2,759		$	2,545
Interest cost on benefit obligation	623			639			601
Expected (return)/loss on plan assets	(435		)	(413		)	2
Actuarial loss/(gain)	88			196			(385		)
Amortization of unrecognized prior service cost	182			(14		)	(31		)
Amortization of unrecognized transition obligation	47			48			221
Totals	$	3,856		$	3,215		$	2,953

The activity under those defined benefit plans are as follows:



(In thousands)	March 29, 2014			March 30, 2013
Change in Benefit Obligation:
Benefit Obligation, beginning of year	$	(30,126	)	$	(27,150	)
Service cost	(3,351		)	(2,759		)
Interest cost	(623		)	(639		)
Benefits paid	4,474			3,210
Actuarial (loss)/gain	55			(1,364		)
Employee and plan participants contribution	(2,963		)	(2,926		)
Plan Amendments	419			—
Foreign currency changes	(506		)	1,502
Benefit obligation, end of year	$	(32,621	)	$	(30,126	)
Change in Plan Assets:
Fair value of plan assets, beginning of year	$	19,577		$	18,185
Company contributions	2,241			2,381
Benefits paid	(4,641		)	(3,210		)
Gain/(Loss) on plan assets	100			397
Employee and plan participants contributions	3,087			2,926
Foreign currency changes	(383		)	(1,102		)
Fair value of Plan Assets, end of year	$	19,981		$	19,577
Funded Status	$	(12,640	)	$	(10,549	)
Unrecognized net actuarial loss/(gain)	5,899			5,418
Unrecognized initial obligation	94			184
Unrecognized prior service cost	(422		)	138
Net amount recognized	$	(7,069	)	$	(4,809	)

One of the benefit plans is funded by benefit payments made by the Company. Accordingly that plan has no assets included in the information presented above. The total liability for this plan was $7.4 million and $5.4 million as of March 29, 2014 and March 30, 2013, respectively.

The accumulated benefit obligation for all plans was $30.9 million and $28.1 million for the fiscal year ended March 29, 2014 and March 30, 2013, respectively.

The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with an accumulated benefit obligation in excess of plan assets were $32.6 million, $30.9 million and $20.0 million, respectively, as of March 29, 2014 and $30.1 million, $28.1 million and $19.6 million, respectively, as of March 30, 2013. There were no plans where the plan assets were greater than the accumulated benefit obligation as of March 29, 2014 and March 30, 2013.

The components of the change recorded in our accumulated other comprehensive income related to our defined benefit plans, net of tax, are as follows (in thousands):



Balance, April 2, 2011	$	(265	)
Obligation at transition	30
Actuarial loss	(3,701		)
Prior service cost	(317		)
Balance as of March 31, 2012	$	(4,253	)
Obligation at transition	556
Actuarial loss	(1,237		)
Prior service cost	(139		)
Balance as of March 30, 2013	$	(5,073	)
Obligation at transition	172
Actuarial loss	(129		)
Prior service cost	438
Balance as of March 29, 2014	$	(4,592	)

We expect to amortize $0.2 million from accumulated other comprehensive loss during 2014.

The weighted average rates used to determine the net periodic benefit costs and projected benefit obligations were as follows:



	March 29, 2014		March 30, 2013		March 31, 2012
Discount rate	2.02	%	1.97	%	2.40	%
Rate of increased salary levels	1.57	%	1.42	%	1.50	%
Expected long-term rate of return on assets	1.94	%	1.92	%	2.10	%

Assumptions for expected long-term rate of return on plan assets are based upon actual historical returns, future expectations of returns for each asset class and the effect of periodic target asset allocation rebalancing. The results are adjusted for the payment of reasonable expenses of the plan from plan assets.

We have no other material obligation for post-retirement or post-employment benefits.

Our investment policy for pension plans is to balance risk and return through a diversified portfolio to reduce interest rate and market risk. Maturities are managed so that sufficient liquidity exists to meet immediate and future benefit payment requirements.

ASC Topic 820, Fair Value Measurements and Disclosures, provides guidance for reporting and measuring the plan assets of our defined benefit pension plan at fair value as of March 29, 2014. Using the same three-level valuation hierarchy for disclosure of fair value measurements as described in Note 7, all of the assets of the Company’s plan are classified within Level 2 of the fair value hierarchy because the plan assets are primarily insurance contracts.

Expected benefit payments for both plans are estimated using the same assumptions used in determining the company’s benefit obligation at March 29, 2014. Benefit payments will depend on future employment and compensation levels, average years employed and average life spans, among other factors, and changes in any of these factors could significantly affect these estimated future benefit payments.

Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows (in thousands):



Expected Benefit Payments
Fiscal Year 2015	$	2,023
Fiscal Year 2016	$	1,897
Fiscal Year 2017	$	1,907
Fiscal Year 2018	$	1,578
Fiscal Year 2019	$	1,645
Fiscal Year 2020-2024	$	8,295

The Company's contributions for fiscal 2015 are expected to be consistent with current year.