Retirement Plans

12 Months Ended

Apr. 01, 2018

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 $928,100,  $621,600, and $635,500 during fiscal years 2018, 2017, and 2016, respectively. As of April 1, 2018, plan assets included 157,708 shares of common stock of the Company.

The Company maintains a Supplemental Executive Retirement Plan for Robert B. Barnhill, Jr., our Executive Chairman and Chairman of the Board. 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 $2,204,500 and $901,400, respectively, as of April 1, 2018 and $2,128,200 and $883,400, respectively, as of March 26, 2017, are included in other long-term assets and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets.