Note 6 - Retirement Plan |
12 Months Ended |
---|---|
Mar. 28, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] |
Note –6 Retirement Plan
The Company sponsors a defined contribution retirement savings plan with a cash or deferred arrangement (the
“401 (k) Plan”), as provided by Section 401 (k) of the Internal Revenue Code (“Code”). The 401 (k) Plan covers substantially all employees, who may elect to contribute a portion of their compensation to the 401 (k) Plan, subject to maximum amounts and percentages as prescribed in the Code. Each calendar year, the Board determines the portion, if any, of employee contributions that will be matched by the Company. For calendar years 2021, 2020 and 2019, the Board established the employer matching contributions at 100% first 2% 50% 3% 401 (k) Plan. If an employee separates from the Company prior to the full vesting of the funds in their account, then the unvested portion of the matching employer amount in their account is forfeited when the employee receives a distribution from their account. The Company utilizes such forfeitures as an offset to the aggregate matching contributions. The Company's matching contributions to the 401 (k) Plan, net of the utilization of forfeitures, were $266,000 and $291,000 for fiscal years 2021 and 2020, respectively. |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The entire disclosure for retirement benefits. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|