Annual report pursuant to Section 13 and 15(d)

Note 5 - Retirement Plan

v3.8.0.1
Note 5 - Retirement Plan
12 Months Ended
Apr. 01, 2018
Notes to Financial Statements  
Pension and Other Postretirement Benefits Disclosure [Text Block]
Note
5
– 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 Company’s Board of Directors (the “Board”) determines the portion, if any, of employee contributions that will be matched by the Company. For calendar year
2015,
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
401
(k) Plan. For calendar years
2018,
2017
and
2016,
the employer matching contributions are equal to
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
$223,000,
$252,000
and
$203,000
for fiscal years
2018,
2017
and
2016,
respectively.