Benefit And Retirement Plans

12 Months Ended

Jun. 30, 2013

Benefit And Retirement Plans [Abstract]

Benefit And Retirement Plans

9.  BENEFIT AND RETIREMENT PLANS

Defined Contribution and Retirement Plans

The Company sponsors various defined contribution pension and retirement plans, which cover substantially all employees, other than employees covered by multi-employer pension plans under collective bargaining agreements.  Total pension and retirement plan expense was $1.8 million, $1.6 million and $1.7 million in fiscal years 2013,  2012 and 2011.  The amounts include $0.5million in fiscal year 2013, $0.4 million in fiscal 2012 and $0.5 million in fiscal years 2011, for the Company’s matching contribution to retirement savings plans.  The Company’s cost for pension plans is generally determined as 2% - 6% of each covered employee’s wages.  The Company’s matching contribution for the retirement savings plans is generally 25% - 50% of employee contributions (up to 4% of employee earnings). 

Multi-employer Pension Plans

The Company contributes to three multi-employer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees.  The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects:

· Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers.

· If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be shared by the remaining participating employers.

· If a participating employer chooses to stop participating in some of its multi-employer plans, the employer may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

The Company’s participation in these plans for the annual period ended June 30, 2013, is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2013 and 2012 is for the plan’s year-end at December 31, 2012 and 2011, respectively.  The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary.  Among other factors, plans in the red zone are generally less that 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded.

		Pension Protection										Expiration Date	Number of
		Act Zone Status				Company Contributions						of Collective	Company
	EIN/Pension	June 30,		Rehabilitation		(in thousands)					Surcharge	Bargaining	Employees
Pension Fund	Plan Number	2013	2012	Plan Status		2013		2012		2011	Imposed	Agreement	in Plan
Central States Southeast and	36-6044243	Red	Red	Implemented	$	243	$	254	$	249	Yes	3/28/2015	18
Southwest Areas Pension Fund
Steelworkers Pension Trust	23-6648508	Green	Green	No		347		285		283	No	10/31/2015	194
Central Pension Fund	36-6052390	Green	Green	No		7		7		7	No	5/31/2017	3
					$	597	$	546	$	539

The cumulative cost to exit the Company’s multi-employer plans was approximately $8.6 million, $7.8 million and $7.2 million on June 30, 2013, 2012 and 2011, respectively.

Supplemental Retirement Plans

The Company has unfunded supplemental retirementplans with executive officers. The plans require various annual contributions for the participants based upon compensation levels and age.  All participants are fully vested. At June 30, 2013 and 2012, the supplemental retirement plan liability was $5.4 million and $5.6 million, respectively, of which $3.0 million and $0.0 million were recorded in other current liabilities and $2.4 million and $5.6 million were recorded in other long-term liabilities, respectively. The Company maintains supplemental retirement plans, collectively referred to as the Supplemental Plan, which provides for additional annual defined contributions toward retirement benefits to certain of the Company’s executive officers. For fiscal2013,  2012 and 2011, the benefit obligation was increased by interest expense of $0.5 million, $0.3 million and $0.2 million, deposits of $0.5 million, $0.4 million and $0.4 million, and decreased by payments of $1.3 million, $0.4 million and $0.4 million, respectively. Funds of the deferred compensation plans are held in a Rabbi Trust. The assets held in the Rabbi Trust are not available for general corporate purposes. The Rabbi Trust is subject to creditor claims in the event of insolvency, but otherwise must be used only for purposes of providing benefits under the plans. As of June 30, 2013, the Company’s deferred compensation plan assets, held in the Rabbi Trust, were invested in stock and bond funds and are recorded in the consolidated balance sheets at fair market value. As of June 30, 2013 and 2012, the fair market value of the assets held in the Rabbi Trust were $5.8 million and $5.9 million, respectively, $3.3 million and $0.0 million, respectively, of the assets are classified as other current assets and $2.5 million and $5.9 million, respectively, are classified as other assets in the consolidated balance sheets. These assets are classified as Level 2 in accordance with fair value accounting as discussed in Note 1.

Defined Benefit Plan

The Company’s defined benefit pension plan is frozen.  There are a total of 424 participants in the plan.  Retirement benefits are based on years of credited service multiplied by a dollar amount negotiated under collective bargaining agreements.  The Company’s policy is to fund normal costs and amortization of prior service costs at a level that is equal to or greater than the minimum required under the Employee Retirement Income Security Act of 1974 (ERISA).  As of June 30, 2013 and 2012, the Company recorded an accrued benefit liability related to the funded status of the defined benefit pension plan recognized on the Company’s consolidated balance sheets in other long-term liabilities of $1.5 million and $2.7 million, respectively. The accumulated benefit obligation was $7.4 million and $7.8 million at fiscal years ended June 30, 2013 and 2012, respectively.  The Company recorded expense of $0.1 million, $0.0 million and $0.2million during fiscal years 2013,  2012 and 2011, respectively, related to the plan.