Note 5 - Retirement Plan |
12 Months Ended |
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Mar. 29, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] |
Note
5 – Retirement PlanThe 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 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 2020, 2019 and 2018, the Board established the employer matching contributions at 100% of the first 2% of employee contributions and 50% of the next 3% of employee contributions to the 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 $291,000 and $284,000 for fiscal years 2020 and 2019, respectively. |
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- References No definition available.
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- Definition The entire disclosure for retirement benefits. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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