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WORKERS COMPENSATION INSURANCE ASSESSMENT
6 Months Ended
Sep. 23, 2011
WORKERS COMPENSATION INSURANCE ASSESSMENT [Abstract] 
WORKERS COMPENSATION INSURANCE ASSESSMENT
Note 8 -
WORKERS COMPENSATION INSURANCE ASSESSMENT:
   
 
On September 15, 2008, the Company was notified by the State of New York Workers' Compensation Board (the “Board”) that the Trade Industry Workers' Compensation Trust for Manufacturers (the “Trust”) had defaulted. As a member of this self-insured group, the Company was assessed on an estimated basis by the Board for its allocable share necessary to discharge all liabilities of the Trust.
   
 
The assessed amount for the years 2002 through 2006 was $101,362. The assessed amount for each year is detailed as follows:

2002
 $16,826 
2003
  24,934 
2004
  31,785 
2005
  14,748 
2006
  13,069 
  $
101,362
 


 
The Company did have the option of paying this assessment as a lump sum amount or paying off the assessment over a 60 month period. The Company elected the deferral option, and was obligated to making monthly payments of $1,689 for 59 months, and $1,711 for the 60th and final month. The Company had recorded this assessment as a charge to Cost of Sales in the quarter ended December 26, 2008.
   
 
The Company was subsequently notified that it was being assessed an additional $146,073 covering the years 2002 through 2007, bringing the total deficit allocation assessment to $247,435.
   
 
The total revised assessment for the years 2002 to 2007 is as follows:

2002
 $23,445 
2003
  43,797 
2004
  51,381 
2005
  38,309 
2006
  46,477 
2007
  44,026 
   $247,435 
 
 
The Company has elected to pay the revised assessment over a five year period (60 months). The monthly payments, inclusive of interest at 7.50%, are $3,970.
   
 
As of September 23, 2011, the Company had paid down $110,556 of this assessment.
 
The remaining balance of the total revised assessment payable as of September 23, 2011 was $136,879.