Retirement Plans |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Retirement Plans | Note 6 Retirement Plans The following is a schedule of the retirement plan costs for the fiscal years ended December 27, 2025, December 28, 2024, and December 30, 2023.
The Company has a qualified retirement savings plan, the Weis Markets, Inc. Retirement Savings Plan, covering substantially all employees. Employer contributions are made at the sole discretion of the Company. The Company maintained a non-qualified deferred compensation plan for the payment of specific amounts of annual retirement benefits to certain officers or their beneficiaries over an actuarially computed normal life expectancy. The expected payments under the plan provisions were determined through actuarial calculations dependent on the age of the recipient, using an assumed discount rate. As of December 27, 2025, there were no active participants or recorded liabilities for this plan. In 2024, a benefit payment of approximately $1.0 million was made and the $2.4 million remaining liability was reversed. The Company also maintains a non-qualified supplemental executive retirement plan covering highly compensated employees. This plan is designed to provide retirement benefits and salary deferral opportunities because of limitations imposed by the Internal Revenue Code and the Regulations implemented by the Internal Revenue Service. This plan is unfunded and accounted for on an accrual basis. Plan participants are 100% vested in their accounts after three years of service with the Company. Benefits are distributed among participants upon termination or retirement. Substantial risk of benefit forfeiture does exist for participants in this plan. The present value of accumulated benefits amounted to $33.4 million and $31.1 million at December 27, 2025, and December 28, 2024, respectively, and is included in “Postretirement benefit obligations” in the Consolidated Balance Sheets. |
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