Retirement Plans

12 Months Ended

Mar. 27, 2016

Retirement Plans

Retirement Plans

Note 14. Retirement Plans

The Company has a 401(k) plan that covers all eligible employees. Contributions to the plan can be made by employees and the Company may make matching contributions at its discretion. Expense related to this matching contribution was $635,500,  $524,200, and $718,700 during fiscal years 2016, 2015, and 2014, respectively. As of March 27, 2016 plan assets included 133,102 shares of common stock of the Company.

The Company maintains a Supplemental Executive Retirement Plan for Robert B. Barnhill, Jr., Chairman, President and CEO of the Company. This plan is funded through life insurance policies for which the Company is the sole beneficiary. The cash surrender value of the life insurance policies and the net present value of the benefit obligation of approximately $1,966,400 and $966,400, respectively, as of March 27, 2016 and $1,769,600 and $941,300, respectively, as of March 29, 2015, are included in other long-term assets and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets.