Retirement Plans

12 Months Ended

Mar. 28, 2021

Retirement Plans

Retirement Plans

Note 13. 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 $806,000, $937,500, and $957,100 during fiscal years 2021, 2020, and 2019, respectively. As of March 28, 2021, plan assets included 232,000 shares of common stock of the Company.

The Company maintains a Supplemental Executive Retirement Plan for Robert B. Barnhill, Jr., the Company’s 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 $2,680,700 and $809,400, respectively, as of March 28, 2021 and $2,523,500 and $915,700, respectively, as of March 29, 2020, are included in Other long-term assets and Other non-current liabilities, respectively, in the accompanying Consolidated Balance Sheets.