Employee Savings Plans |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||
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Jul. 29, 2022 | ||||||||||||||||||||||||||||||||||||||||
| Employee Savings Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||
| Employee Savings Plans |
12. Employee Savings Plans
The Company sponsors a (“401(k) Savings Plan”) covering salaried and hourly employees who have completed ninety days of service and have attained the age of .
This plan allows eligible employees to defer receipt of up to 50% of their compensation, as defined in the plan. The Company also
sponsors a (“Non-Qualified Savings Plan”) covering highly compensated employees, as defined in the plan. This plan 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.
Contributions under both plans may be
invested in various investment funds at the employee’s discretion. Such contributions, including the Company’s matching contributions described below, may not be invested in the Company’s common stock. In 2022, 2021 and 2020 (prior to the
COVID-19 pandemic), the Company matched 50% of employee contributions for each participant in the 401(k) Savings Plan up to a total of 5% of the employee’s compensation and matched 25% of employee contributions in the Non-Qualified Savings Plan up to a total of 6% of the employee’s compensation. In response to the COVID-19 pandemic,
the Company temporarily suspended matches to the 401(k) Savings Plan and the Non-Qualified Savings Plan through the end of 2020 and resumed matches at the beginning of 2021. Employee contributions vest immediately while Company contributions vest 20% annually beginning on the first anniversary of a contribution date and are vested 100% on the fifth anniversary of such contribution date.
At the inception of the Non-Qualified Savings Plan, the Company established a Rabbi Trust to fund the plan’s
obligations. The market value of the trust assets for the Non-Qualified Savings Plan of $27,843 is included in other assets and the
related liability to the participants of $27,843 is included in other long-term obligations in the Consolidated Balance Sheets. Company
contributions under both plans are recorded as either labor and other related expenses or general and administrative expenses in the Consolidated Statements of Income.
The following table summarizes the Company’s contributions for each plan for each of the three years:
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