Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 1065

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 8
Chunk 1065
---
ford
and Raymond F. Lancy are calculated at 50% of final average earnings, capped at $200,000 per year, without offsets for other pension or
Social Security benefits.

     37 

Benefits payable related to
these plans and included in the accompanying consolidated financial statements were $5,046 and $4,994 as of November 1, 2024, and November
3, 2023, respectively. The benefit payable is recorded as $333 and $249 under current liabilities and $4,713 and $4,745 under non-current
liabilities as of November 1, 2024, and November 3, 2023, respectively. In connection with these arrangements, we are the beneficiary
of life insurance policies on the lives of certain key employees and retirees. The aggregate cash surrender value of these policies, included
in non-current assets, was $14,032 and $12,029 as of November 1, 2024, and November 3, 2023, respectively. The net periodic pension income
was $109 and $1,057 for fiscal year 2024 and 2023, respectively, caused by the change in pension discount rate between years. 

Expected payments for executive postretirement
benefits are as follows:

Schedule of Expected Payments for Pension Benefits 

    Fiscal Years
     
    Executive
Postretirement 
Benefits

    2025
     
    $
       533

    2026
     
    $
    533

    2027
     
    $
    533

    2028
     
    $
    532

    2029
     
    $
    522

    2030-2033 
     
    $
    2,581

Incentive Compensation Plan for Certain Key
Executives

We provide an incentive compensation
plan for certain key executives, which is based upon our pretax income. The payment of these amounts is generally deferred over three
or five-year periods. The total amount payable related to this arrangement was $2,267 and $3,848 as of November 1, 2024, and November
3, 2023, respectively. Future payments are approximately $1,531, $694, $33 and $9 for fiscal years 2025 through 2028, respectively.

Postretirement Healthcare Benefits for Selected
Executive Employees

We provide postretirement
health