|
Note 4 - Retirement Plan
|
12 Months Ended |
|---|---|
|
Apr. 01, 2012
|
|
| Pension and Other Postretirement Benefits Disclosure [Text Block] |
Note
4 – Retirement Plan
The Company
sponsors a defined contribution retirement savings plan with
a cash or deferred arrangement (the “Plan”), as
provided by Section 401(k) of the Internal Revenue Code
(“Code”). The Plan covers
substantially all employees, who may elect to contribute a
portion of their compensation to the Plan, subject to maximum
amounts and percentages as prescribed in the
Code. Each calendar year, the Company’s
Board of Directors (the “Board”) determines the
portion, if any, of employee contributions that will be
matched by the Company. For calendar years 2011
and 2010, the employer matching contributions represented an
amount equal to 100% of the first 2% of employee
contributions and 50% of the next 1% of employee
contributions to the Plan. If an employee
separates from the Company prior to the full vesting of the
funds in their account that represent the matching employer
portion of their account, then the unvested portion of the
matching employer portion of their account is forfeited when
they take a distribution of their account. The
Company utilizes such forfeitures as an offset to the
aggregate matching contributions. The Company's
matching contribution to the Plan, net of the utilization of
forfeitures, was $153,000 and $141,000 for fiscal years 2012
and 2011, respectively.
|