Retirement Plans

The Company has a Noncontributory Defined Benefit Pension Plan (the “Plan”) covering substantially all non-union employees. The Plan provides for benefits based on an employee’s compensation during the eligibility period while employed with the Company. The Company’s funding policy for the Plan is to contribute annually at a rate that is intended to provide sufficient assets to meet future benefit payment requirements. The Plan’s investments are recorded at fair value and include cash, which earns interest, governmental securities and corporate bonds and securities.

The following table provides the components of net periodic pension expense:



	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	Mar 31, 2013			Mar 30, 2014			Mar 31, 2013			Mar 30, 2014
	(in thousands)
Expected return on assets	$	(1,175	)	$	(1,325	)	$	(2,350	)	$	(2,658	)
Service cost	1,223			872			2,445			1,908
Interest cost	1,119			1,222			2,239			2,479
Amortization of prior service cost	1			1			2			2
Amortization of recognized losses	747			258			1,494			556
Net pension expense	$	1,915		$	1,028		$	3,830		$	2,287



Actuarial assumptions used to determine net pension expense were:
Discount rate	3.70	%	4.70	%	3.70	%	4.70	%
Rate of increase in compensation levels	3.08	%	3.08	%	3.08	%	3.08	%
Expected long-term rate of return on assets	6.00	%	6.00	%	6.00	%	6.00	%

The Company contributed approximately $1.0 million to the Plan in the twenty-six weeks ended March 30, 2014 and the Company expects to contribute an additional $3.0 million during the remainder of fiscal 2014.