Note 9 - Employee Benefit Plans

6 Months Ended

Mar. 28, 2020

Notes to Financial Statements

Retirement Benefits [Text Block]

(

9

) Employee Benefit Plans

Supplemental retirement benefit plan.

We have Supplemental Retirement Benefit Agreements (each, a “SRBA”) with certain of our employees (each, a “Participant”). Under the SRBAs, if the Participant remains in continuous service with us for a period of at least

30

 years, we will pay the Participant a supplemental retirement benefit for the

15

-year period following the Participant’s retirement equal to

50%

of the Participant’s highest average annual base salary for

five

consecutive years in the

10

-year period preceding the Participant’s retirement. If the Participant retires prior to the later of age

65

or the completion of

30

 years of continuous service with us, but has completed at least

10

years of continuous service, the amount of the Participant’s supplemental retirement benefit will be reduced by

1/360th

for each month short of

30

 years that the Participant was employed by us.

Net periodic pension cost for the SRBAs includes the following components:

	Three Months Ended				Six Months Ended
	March 28,		March 30,		March 28,		March 30,
(In thousands)	2020		2019		2020		2019
Interest cost	$	82	$	96	$	167	$	192
Service cost		76		74		162		148
Recognized net actuarial loss		65		35		140		70
Net periodic pension cost	$	223	$	205	$	469	$	410