The Company sponsors a qualified defined contribution retirement plan ("Plan I") covering salaried and
hourly employees who have completed one year of service and have attained the age of twenty-one. Plan I allows
eligible employees to defer receipt of up to 20% of their compensation and 100% of their eligible bonuses, as
defined in the plan, and contribute such amounts to various investment funds. The Company matches in
Company common stock 25% of the first 5% a salaried employee contributes. Hourly employees do not receive
matching contributions. Employee contributions vest immediately while Company contributions vest 25%
annually beginning on the participant's second anniversary of employment. In fiscal 2002, 2001, and 2000, the
Company contributed approximately $828,000, $788,000, and $731,000, respectively.
The Company sponsors a non-qualified defined contribution retirement plan ("Plan II") covering highly
compensated employees, as defined in the plan. Plan II allows eligible employees to defer receipt of up to 50% of
their base compensation and 100% of their eligible bonuses, as defined in the plan. The Company matches in
Company common stock 25% of the first 5% of non-officer contributions while officers' contributions are
matched at the same rate with cash. Employee contributions vest immediately while Company contributions vest
25% annually beginning on the participant's second anniversary of employment. In fiscal 2002, 2001, and 2000,
the Company contributed approximately $657,000, $655,000, and $543,000, respectively. At the inception of Plan
II, the Company established a Rabbi Trust to fund Plan II obligations. The market value of the trust assets is
included in other assets and the liability to Plan II participants is included in other liabilities.
|