Employee Retirement Plan and Deferred Compensation Plan |
12 Months Ended |
|---|---|
Dec. 30, 2023 | |
| Employee Retirement Plan and Deferred Compensation Plan | |
| Employee Retirement Plan and Deferred Compensation Plan |
Note 9 – Employee Retirement Plan and Deferred Compensation Plan Effective February 17, 2006, the Company adopted a 401(k) defined contribution retirement plan covering all full time employees who have completed one month of service. The Company may, at its sole discretion, match cents per dollar up to 6% of each participating employee’s salary. The Company’s contributions vest in annual installments over three years. Discretionary contributions made by the Company totaled $939, $850 and $737 for fiscal years 2023, 2022 and 2021, respectively. In January 2010, the Company adopted the CarParts.com, Inc. Management Deferred Compensation Plan (the “Deferred Compensation Plan”), for the purpose of providing highly compensated employees a program to meet their financial planning needs. The Deferred Compensation Plan provides participants with the opportunity to defer up to 90% of their base salary and up to 100% of their annual earned bonus, all of which, together with the associated investment returns, are 100% vested from the outset. The Deferred Compensation Plan, which is designed to be exempt from most provisions of the Employee Retirement Security Act of 1974, is informally funded by the Company through the purchase of mutual funds, held by a rabbi trust. The deferred compensation liabilities (consisting of employer contributions, employee deferrals and associated earnings and losses) are general unsecured obligations of the Company. Liabilities under the Deferred Compensation Plan are recorded at amounts due to participants, based on the fair value of participants’ selected investments. The Company may at its discretion contribute certain amounts to eligible employee accounts. In January 2010, the Company began to contribute 50% of the first 2% of participants’ eligible contributions into their Deferred Compensation Plan accounts. As of December 30, 2023, the assets and associated liabilities of the Deferred Compensation Plan were $539 and $914, respectively, and were $491 and $697, respectively, as of December 31, 2022 and are included in other non-current assets, other current liabilities and other non-current liabilities in our consolidated balance sheets. The Deferred Compensation Plan was terminated in the fourth quarter of 2023, and the obligations will be paid out in 2024. The interest dividend and realized/unrealized gain/loss for fiscal years 2023, 2022 and 2021 was immaterial. |