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EX-32.1 - CERTIFICATION - HAWKINS INCd307872dex321.htm
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EX-23.1 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING - HAWKINS INCd307872dex231.htm
v2.4.0.6
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans
12 Months Ended
Apr. 01, 2012
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans [Abstract]  
Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans

Note 8 — Profit Sharing, Employee Stock Ownership, Employee Stock Purchase and Pension Plans

Effective April 1, 2009, we converted our defined contribution pension plan covering substantially all of our non-bargaining unit employees to a profit sharing plan. It is our policy to fund all costs accrued. Contributions are made at our discretion subject to a maximum amount allowed under the Internal Revenue Code. Our cost for the profit sharing and pension plan was 15% of each employee’s eligible compensation in each of the fiscal years 2012, 2011 and 2010. Beginning in fiscal 2013, profit sharing plan contributions are variable and aligned with company performance with a targeted contribution of between 2.5% and 5% of an employee’s eligible compensation, depending upon date of hire. In addition to the changes in the profit sharing plan for fiscal 2013, we introduced a 401(k) plan that will allow employees to contribute pre-tax earnings up to the maximum amount allowed under the Internal Revenue Code, with an employer match of up to 5% of the employee’s eligible compensation.

We have an employee stock ownership plan (“ESOP”) covering substantially all of our non-bargaining unit employees. Contributions are made at our discretion subject to a maximum amount allowed under the Internal Revenue Code. Our cost for the ESOP was 5% of each employee’s eligible compensation in each of the fiscal years 2012, 2011 and 2010. Beginning in fiscal 2013, ESOP contributions are variable and aligned with company performance with a targeted contribution of between 2.5% and 5% of an employee’s eligible compensation, depending upon date of hire.

We have an employee stock purchase plan (“ESPP”) covering substantially all of our employees. The ESPP allows employees to purchase newly-issued shares of the Company’s common stock at a discount from market, with no employee contribution match from the Company. Prior to fiscal 2012, this plan had a monthly employer match of 75% of each employee’s contribution, up to a maximum of $375 per month, with the ESPP shares of the Company purchased on the open market.

In fiscal 2012, Vertex employees participated in a 401(k) plan that included an employer match of up to 3% of the employee’s eligible compensation and a discretionary Company contribution. The total company contribution to this plan was $0.2 million. Beginning in fiscal 2013, Vertex employees are included within the Company’s retirement plans outlined above.

 

The following represents the contribution expense for the profit sharing, ESOP, ESPP and 401(k) plans:

 

                         

Benefit Plan

  2012     2011     2010  
(In thousands)                  

Profit sharing

  $ 2,616     $ 2,675     $ 2,844  

ESOP

    802       815       899  

ESPP

    262       648       650  

Vertex plan

    175       —         —    
   

 

 

   

 

 

   

 

 

 

Total contribution expense

  $ 3,855     $ 4,138     $ 4,393  
   

 

 

   

 

 

   

 

 

 

Multiemployer pension plan. We participate in a union sponsored, collectively bargained multiemployer pension plan (“Union Plan”). Contributions are determined in accordance with the provisions of negotiated labor contracts and generally are based on the number of hours worked. The risks of participating in multiemployer pension plans are different from single-employer plans in the following aspects: (i) Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (ii) If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and (iii) if we stop participating in the multiemployer plan, we may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

The Company’s participation in the Central States, Southeast and Southwest Areas Pension Fund (“Central States”) is outlined in the table below. The Pension Protection Act (“PPA”) Zone Status available in fiscal 2012 and fiscal 2011 is for the plan’s year ended December 31, 2010 and December 31, 2009, respectively. The zone status is based on information that we obtained from Central States and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded. The “FIP/RP Status Pending/Implemented” column indicates if a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented.

 

                                                         

Pension Fund

  Employer
Identification
Number
    Pension
Plan
Number
    PPA Zone Status     FIP/RP
Status
Pending/
Implemented
    Surcharge
Imposed
    Expiration  Date
of Collective
Bargaining
Agreements
 
           
      April  1,
2012
    April  3,
2011
       
             

Central States, Southeast and Southwest Areas Pension Fund

    36-6044243       001       Red       Red       Implemented       Yes       02/28/2013  

Based upon the most recent information available from the trustees managing CSS, our share of the unfunded vested benefit liability for the plan was estimated to be approximately $7.9 million if the withdrawal had occurred in calendar year 2011, an increase from an estimate of approximately $5.1 million if the withdrawal had occurred in calendar year 2009. These estimates were calculated by the trustees managing CSS. Although we believe the most recent plan data available from CSS was used in computing this 2011 estimate, the actual withdrawal liability amount is subject to change based on, among other things, the plan’s investment returns and benefit levels, interest rates, financial difficulty of other participating employers in the plan such as bankruptcy, and continued participation by the company and other employers in the plan, each of which could impact the ultimate withdrawal liability. If withdrawal liability were to be triggered, we would have the option to make payments over a period of 20 years instead of paying the withdrawal liability in a lump sum.

 

We made contribution to the plan of approximately $0.4 million in fiscal 2012, 2011 and 2010 and expect to make contributions to the plan of approximately $0.5 million during fiscal 2013.