Retirement Plans

12 Months Ended

Mar. 27, 2022

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. Company contributions are made in cash and Company stock. Expense related to this matching contribution was $700,500, $806,000, and $937,500 during fiscal years 2022, 2021, and 2020, respectively. As of March 27, 2022, plan assets included 264,600 shares of common stock of the Company.

The Company maintains a Supplemental Executive Retirement Plan for Robert B. Barnhill, Jr., the Company’s founder and former CEO 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 $2,652,700 and $753,200, respectively, as of March 27, 2022, and $2,680,700 and $809,400, respectively, as of March 28, 2021, are included in Other long-term assets and Other non-current liabilities, respectively, in the accompanying Consolidated Balance Sheets. Cash disbursements related to the life insurance policies are reflected as cash flows from operating activities within the Consolidated Statements of Cash Flows. The Company considers current life expectancy data and risk-free treasury rates when estimating the fair value of the life insurance policies.