11. Pension Plan

As a result of the Acquisition, the Company now fully funds a defined benefit pension scheme (“the Plan”) maintained by Wolfson, for non-U.S. employees, which was closed to new participants as of July 2, 2002. As of April 30, 2011, the participants in the Plan no longer accrue benefits and therefore the Company will not be required to pay contributions in respect to future accrual.

Prior to the Acquisition, Wolfson paid deficit contributions of approximately $1.65 million in April 2014. The Company will be obligated to pay approximately $1.65 million by April 30, 2015 and approximately $0.6 million by April 30, 2016. The Company expects to completely close the Plan over the next ten years.

The components of the Company’s net periodic pension expense (income) for the three and nine months ended December 27, 2014 are as follows (in thousands):



	Three Months Ended				Nine Months Ended
	December 27,		December 28,		December 27,		December 28,
	2014		2013		2014		2013
Interest cost	$	-	$	-	$	254	$	-
Expected return on plan assets		-		-		(370)		-
		-		-		(116)		-

Based on an actuarial study performed as of September 27, 2014, the plan is overfunded and a long-term asset is reflected in the Company’s consolidated condensed balance sheet under the caption “Other assets”.