Annual report pursuant to Section 13 and 15(d)

Defined Contribution Plan

v3.3.1.900
Defined Contribution Plan
12 Months Ended
Sep. 27, 2015
Compensation and Retirement Disclosure [Abstract]  
Defined Contribution Plan

Note 15 — Defined Contribution Plan

 

The Company sponsors a defined contribution pension plan under Section 401(k) of the Internal Revenue Code for all employees.  Company contributions are voluntary and are determined annually at the discretion of the Board of Directors at the beginning of each fiscal year. For the fiscal years ending September 27, 2015 and September 28, 2014, the company offered a qualified automatic contribution arrangement (QACA) with a 100% match of the first 1% and 50% matching of the next 5% and a 2 year vesting requirement. The Company’s contribution expense for the fiscal years ended September 27, 2015 and September 28, 2014 were $110 thousand and $74 thousand, respectively. Increased contribution expenses for the twelve months ended September 27, 2015 over the prior year, relate primarily to the acquisition of the Applied Optics Center on November 3, 2014.