Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 616

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 8
Chunk 616
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 Retirement and Other Benefit Plans:

Noncontributory-Trusteed
Defined Benefit Retirement Plans for Sales, Administrative, Supervisory and Certain Other Employees

We have noncontributory-trusteed
defined benefit retirement plans for sales, administrative, supervisory, and certain other employees. In the third quarter of fiscal year
2006, we froze future benefit accruals under these plans for employees classified within the administrative, sales or supervisory job
classifications or within any non-bargaining class. The benefits under these plans are primarily based on years of service and compensation
levels. The funding policy of the plans requires contributions which are at least equal to the minimum required contributions needed to
avoid a funding deficiency. The measurement date for the plans is our fiscal year end.

Net pension income consisted
of the following:

Schedule of Net Pension Cost 

    November 1, 2024  
    November 3, 2023 

    (52 Weeks)  
    (53 Weeks) 
  
    Service cost 
    $56  
    $57 
  
    Interest cost 
     2,813  
     2,688 
  
    Expected return on plan assets 
     (3,433) 
     (3,439)
  
    Amortization of unrecognized loss 
     349  
     615 
  
    Net pension income 
    $(215) 
    $(79)

Net pension costs and benefit obligations are
determined using assumptions as of the beginning of each fiscal year.

Weighted average assumptions for each fiscal year
are as follows:

Schedule of Assumptions Used 

    November 1, 2024  
    November 3, 2023 
  
    Discount rate 
     5.16% 
     5.96%
  
    Rate of increase in salary levels 
     N/A  
     N/A 
  
    Expected return on plan assets 
     5.00% 
     7.00%

The benefit obligation, plan
assets, and funded status of these plans as of the fiscal years ended are as follows:

Schedule of Changes in Projected Benefit Obligations 

    November 1, 2024  
    November 3, 2023 

    (52 Weeks)  
    (53 Weeks) 
  
    Change in plan assets: 

    Fair value of the plans’ assets - beginning of year 
    $50,685  
    $