Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 332

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 3
Chunk 332
---
 53,107  
     48,800 
  
    Funded status of the plans 
     5,212  
     1,885 
  
    Unrecognized net actuarial loss 
     4,103  
     7,216 
  
    Net amount recognized 
    $9,315  
    $9,101 

We perform an internal rate
of return analysis when making the discount rate selection. The discount rates were based on FTSE Pension Discount Curve (formerly Citibank)
as of November 1, 2024, and November 3, 2023, respectively.

The plans’ assets are
primarily invested in marketable equity securities, corporate and government debt securities, and the assets are administered by an investment
management company. The plans’ long-term return on assets is based on the weighted average of the plans’ investment allocation
as of the measurement date and the published historical returns for those types of asset categories, taking into consideration inflation
rate forecasts. No expected employer contribution to the plans in fiscal year 2025 is planned.

For fiscal year 2024, our
actuary used mortality tables from the Pri-2012 Total Dataset Mortality Table with MP-2021 Scaling. The expected rate of return on the
plans’ assets was 5.00% and 7.00% effective for fiscal years 2024 and 2023, respectively.

     36 

On May 22, 2024, we transitioned
our pension plan assets held with Morgan Stanley Smith Barney LLC to align with our updated investment policy statement to shift away
from equities to fixed income. This derisking strategy helps establish a basis for our investment results as well as helping to ensure
that assets of the Plan are managed in accordance with the Employment Retirement Income Security Act of 1974 (“ERISA”) and
regulations pertaining thereto.

The actual and target allocation
for the plans’ assets are as follows: 

Schedule of Allocation of Plan Assets 

    Asset Class
     
    2024

    Target 
    Asset 
    Allocation 

    2023

    Target 
    Asset 
    Allocation 

    Large Cap Equities

    9.3
    %

    8.0
    %

    21.7
    %

    23.0
    %
  
    Mid Cap Equities

    0.0
    %

    0