Retirement Benefit Plans

3 Months Ended

Apr. 04, 2026

Note M – Retirement Benefit Plans

The Company has four non-contributory defined benefit pension plans covering most U.S. employees. All of these pension plans are frozen and participants in these plans have not accrued benefits since the date on which these plans were frozen. Plan benefits are generally based upon age at retirement, years of service and, for the plan covering salaried employees, the level of compensation. The Company also sponsors unfunded non-qualified supplemental retirement plans that provide certain former officers with benefits in excess of limits imposed by federal tax law.

The Company also provides health care and life insurance for retired salaried employees in the United States who meet specific eligibility requirements.

Significant disclosures relating to these benefit plans for the first quarter of fiscal years 2026 and 2025 are as follows:

	Pension Benefits
	Three Months Ended
	April 4, 2026			March 29, 2025
Service cost	$	181,207		$	177,462
Interest cost		876,829			951,097
Expected return on plan assets		(1,107,068	)		(1,059,936	)
Amortization of the net loss		298,781			290,615
Net periodic benefit cost	$	249,749		$	359,238

	Other Postretirement Benefits
	Three Months Ended
	April 4, 2026			March 29, 2025
Service cost	$	1,641		$	2,125
Interest cost		10,394			11,683
Expected return on plan assets		(5,000	)		(4,780	)
Amortization of prior service cost		(848	)		(832	)
Amortization of the net loss		(24,497	)		(23,093	)
Net periodic benefit gain	$	(18,310	)	$	(14,897	)

The Company’s funding policy with respect to its qualified plans is to contribute at least the minimum amount required by applicable laws and regulations. In fiscal year 2026, the Company expects to make cash contributions to its qualified pension plans of approximately $2,800,000 and approximately $40,000 into its other postretirement plan. As of April 4, 2026, the Company has contributed $578,000 to its pension plans and $7,000 to its postretirement plan in fiscal year 2026 and expects to make the remaining contributions as required during the remainder of the fiscal year.

The Company has a contributory savings plan under Section 401(k) of the IRC (the “401(k) Plan”) covering substantially all U.S. non-union employees. The 401(k) Plan allows participants to make voluntary contributions from their annual compensation on a pre-tax basis, subject to limitations under the Internal Revenue Code. The 401(k) Plan provides for contributions by the Company at its discretion.

The Company made contributions to the 401(k) Plan as follows:

	Three Months Ended
	April 4, 2026		March 29, 2025
Regular matching contribution	$	220,402	$	306,639
Transitional credit contribution		18,938		23,865
Non-discretionary contribution		83,952		108,492
Total contributions for the period	$	323,292	$	438,996

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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+ Details

EASTERN CO 10-Q