CAKE » Topics » 12. Employee Benefit Plans:

These excerpts taken from the CAKE 10-K filed Feb 27, 2009.

13.  Employee Benefit Plans:

 

We have established two defined contribution benefit plans (the “401(k) Plans”), one for The Cheesecake Factory restaurant, RockSugar Pan Asian Kitchen restaurant, bakery and corporate support employees, and another for our Grand Lux Cafe restaurant employees, in accordance with section 401(k) of the Internal Revenue Code.  These 401(k) Plans were approved for merger by our Board of Directors in February 2009.  The 401(k) Plans are open to all employees who meet certain compensation and eligibility requirements.  The 401(k) Plans allow participating employees to defer the receipt of a portion of their compensation and contribute such amount to one or more investment options.  Our executive officers and other highly compensated employees are not eligible to participate in the 401(k) Plans.  We currently match in cash a certain percentage of the employee contributions to the 401(k) Plans and also pay for related administrative expenses, neither of which were significant amounts during fiscal 2008, 2007 and 2006.

 

We have also established The Cheesecake Factory Incorporated Executive Savings Plan (“ESP”).  The ESP is a non-qualified deferred compensation plan for our executive officers and other highly compensated employees as defined in the ESP and who are otherwise ineligible for participation in our 401(k) Plans.  The ESP allows participating employees to defer the receipt of a portion of their base compensation and up to 100% of their eligible bonuses.  Non-employee directors may also participate in the ESP and defer the receipt of their earned director fees.  We match in cash a certain percentage of the base compensation and bonus deferred by participating employees and also pay for related administrative expenses, neither of which was a significant amount during fiscal 2008, 2007 and 2006.  Employee deferrals and our match are deposited into a rabbi trust, and the funds are generally invested in individual variable life insurance contracts owned by us that are specifically designed to informally fund savings plans of this nature.  Our consolidated balance sheets reflect our investment in variable life insurance contracts in other assets.  Our obligation to participating employees is reflected in other noncurrent liabilities.  All income and expenses related to the rabbi trust are reflected in our consolidated statements of operations.

 

We maintain a self-insured medical and dental benefit plan for our employees.  We have purchased individual stop-loss coverage in order to limit our exposure to any significant medical claims.  Medical benefit plan expenses are accrued based on our estimate of the aggregate liability for uninsured claims incurred using actuarial methods commonly followed in the insurance industry and our historical experience.  The accrued liability for our self-insured medical benefit plan, which is included in other accrued expenses, as of December 30, 2008 and January 1, 2008, was $3.6 million and $3.8 million, respectively.

 

13.  Employee Benefit Plans:



 



We have established two defined contribution benefit plans (the “401(k) Plans”),
one for The Cheesecake Factory restaurant, RockSugar Pan Asian Kitchen
restaurant, bakery and corporate support employees, and another for our Grand
Lux Cafe restaurant employees, in accordance with section 401(k) of the
Internal Revenue Code.  These 401(k) Plans
were approved for merger by our Board of Directors in February 2009. 
The 401(k) Plans are open to all employees who meet certain compensation
and eligibility requirements.  The 401(k) Plans allow participating
employees to defer the receipt of a portion of their compensation and
contribute such amount to one or more investment options.  Our executive
officers and other highly compensated employees are not eligible to participate
in the 401(k) Plans.  We currently match in cash a certain percentage of
the employee contributions to the 401(k) Plans and also pay for related
administrative expenses, neither of which were significant amounts during
fiscal 2008, 2007 and 2006.



 



We have also established The Cheesecake Factory Incorporated Executive
Savings Plan (“ESP”).  The ESP is a non-qualified deferred compensation
plan for our executive officers and other highly compensated employees as
defined in the ESP and who are otherwise ineligible for participation in our
401(k) Plans.  The ESP allows participating employees to defer the
receipt of a portion of their base compensation and up to 100% of their
eligible bonuses.  Non-employee directors may also participate in the ESP
and defer the receipt of their earned director fees.  We match in cash a
certain percentage of the base compensation and bonus deferred by participating
employees and also pay for related administrative expenses, neither of which
was a significant amount during fiscal 2008, 2007 and 2006.  Employee deferrals and our match are
deposited into a rabbi trust, and the funds are generally invested in
individual variable life insurance contracts owned by us that are specifically
designed to informally fund savings plans of this nature.  Our
consolidated balance sheets reflect our investment in variable life insurance
contracts in other assets.  Our obligation to participating employees is
reflected in other noncurrent liabilities.  All income and expenses
related to the rabbi trust are reflected in our consolidated statements of
operations.



 



We maintain a self-insured medical and dental benefit plan for our
employees.  We have purchased individual stop-loss coverage in order to
limit our exposure to any significant medical claims.  Medical benefit
plan expenses are accrued based on our estimate of the aggregate liability for
uninsured claims incurred using actuarial methods commonly followed in the
insurance industry and our historical experience.  The accrued liability
for our self-insured medical benefit plan, which is included in other accrued
expenses, as of December 30, 2008 and January 1, 2008, was $3.6
million and $3.8 million, respectively.



 



These excerpts taken from the CAKE 10-K filed Feb 28, 2008.

12.  Employee Benefit Plans:

 

We have established two defined contribution benefit plans (the “401(k) Plans”), one for our Cheesecake Factory restaurant and corporate support employees, and another for our Grand Lux Cafe restaurant employees, in accordance with section 401(k) of the Internal Revenue Code.  The 401(k) Plans are open to all employees who meet certain compensation and eligibility requirements.  The 401(k) Plans allow participating employees to defer the receipt of a portion of their compensation and contribute such amount to one or more investment options.  We currently match in cash a certain percentage of the employee contributions to the 401(k) Plans and also pay for related administrative expenses, neither of which were significant amounts during fiscal 2007, 2006 and 2005.

 

We have also established an Executive Savings Plan (the “ESP”).  The ESP is a non-qualified deferred compensation plan for our highly compensated employees as defined in the ESP and who are otherwise ineligible for participation in our 401(k) Plans.  The ESP allows participating employees to defer the receipt of a portion of their base compensation and up to 100% of their eligible bonuses.  Non-employee directors can also participate in the ESP and defer the receipt of their fees.  We match in cash a

 

71



 

certain percentage of the base compensation deferred by participating employees and also pay for related administrative expenses, neither of which was a significant amount during fiscal 2007, 2006 and 2005.  Employee deferrals and our match are deposited into a rabbi trust, and the funds are generally invested in individual variable life insurance contracts owned by us that are specifically designed to informally fund savings plans of this nature.  Our consolidated balance sheets reflect our investment in variable life insurance contracts in other assets.  Our obligation to participating employees is reflected in other noncurrent liabilities.  All income and expenses related to the rabbi trust are reflected in our consolidated statements of operations.

 

We maintain a self-insured medical and dental benefit plan for our employees.  We have purchased individual stop-loss coverage in order to limit our exposure to any significant medical claims.  Self-insured medical benefit plan expenses are accrued based on our estimate of the aggregate liability for uninsured claims incurred using actuarial methods commonly followed in the insurance industry and our historical experience.  The accrued liability for our self-insured medical benefit plan, which is included in other accrued expenses, as of January 1, 2008 and January 2, 2007, was $3.8 million and $3.1 million, respectively.

 

12.  Employee Benefit Plans:



 



We have established two defined contribution benefit
plans (the “401(k) Plans”), one for our Cheesecake Factory restaurant and
corporate support employees, and another for our Grand Lux Cafe restaurant
employees, in accordance with section 401(k) of the Internal Revenue
Code.  The 401(k) Plans are open to all employees who meet certain
compensation and eligibility requirements.  The 401(k) Plans allow
participating employees to defer the receipt of a portion of their compensation
and contribute such amount to one or more investment options.  We
currently match in cash a certain percentage of the employee contributions to
the 401(k) Plans and also pay for related administrative expenses, neither
of which were significant amounts during fiscal 2007, 2006 and 2005.



 



We have also established an Executive Savings Plan
(the “ESP”).  The ESP is a non-qualified deferred compensation plan for
our highly compensated employees as defined in the ESP and who are otherwise
ineligible for participation in our 401(k) Plans.  The ESP allows
participating employees to defer the receipt of a portion of their base
compensation and up to 100% of their eligible bonuses.  Non-employee
directors can also participate in the ESP and defer the receipt of their fees. 
We match in cash a



 



71
















 



certain percentage of the base compensation deferred by participating
employees and also pay for related administrative expenses, neither of which
was a significant amount during fiscal 2007, 2006 and 2005.  Employee deferrals and our match are
deposited into a rabbi trust, and the funds are generally invested in
individual variable life insurance contracts owned by us that are specifically
designed to informally fund savings plans of this nature.  Our
consolidated balance sheets reflect our investment in variable life insurance
contracts in other assets.  Our obligation to participating employees is
reflected in other noncurrent liabilities.  All income and expenses
related to the rabbi trust are reflected in our consolidated statements of
operations.



 



We maintain a self-insured medical and dental benefit
plan for our employees.  We have purchased individual stop-loss coverage
in order to limit our exposure to any significant medical claims. 
Self-insured medical benefit plan expenses are accrued based on our estimate of
the aggregate liability for uninsured claims incurred using actuarial methods
commonly followed in the insurance industry and our historical
experience.  The accrued liability for our self-insured medical benefit
plan, which is included in other accrued expenses, as of January 1, 2008
and January 2, 2007, was $3.8 million and $3.1 million, respectively.



 



This excerpt taken from the CAKE 10-K filed Feb 22, 2007.

12.   Employee Benefit Plans:

We have established two defined contribution benefit plans (the “401(k) Plans”), one for our Cheesecake Factory restaurant and corporate support employees, and another for our Grand Lux Cafe restaurant employees, in accordance with section 401(k) of the Internal Revenue Code.  The 401(k) Plans are open to all employees who meet certain compensation and eligibility requirements.  The 401(k) Plans allow participating employees to defer the receipt of a portion of their compensation and contribute such amount to one or more investment options.  We currently match in cash a certain percentage of the employee contributions to the 401(k) Plans and also pay for related administrative expenses, neither of which were significant amounts during fiscal 2006, 2005 and 2004.

We have also established an Executive Savings Plan (the “ESP”).  The ESP is a nonqualified deferred compensation plan for our highly compensated employees as defined in the ESP and who are otherwise ineligible for participation in our 401(k) Plans.  The ESP allows participating employees to defer the receipt of a portion of their base compensation and up to 100% of their eligible bonuses.  Non-employee directors can also participate in the ESP and defer the receipt of their fees.  We match in cash a certain percentage of the base compensation deferred by participating employees and also pay for related administrative expenses, neither of which was a significant amount during fiscal 2006, 2005 and 2004.  Employee deferrals and our match are deposited into a rabbi trust, and the funds are generally invested in individual variable life insurance contracts owned by us that are specifically designed to informally fund savings plans of this nature.  Our consolidated balance sheets reflect our investment in variable life insurance contracts in other assets.  Our obligation to participating employees is reflected in other

70




noncurrent liabilities.  All income and expenses related to the rabbi trust are reflected in our consolidated statements of operations.

We maintain a self-insured medical and dental benefit plan for our employees.  We have purchased individual stop-loss coverage in order to limit our exposure to any significant medical claims.  Self-insured medical benefit plan expenses are accrued based upon our estimate of the aggregate liability for uninsured claims incurred using actuarial methods commonly followed in the insurance industry and our historical experience.  The accrued liability for our self-insured medical benefit plan, which is included in other accrued expenses, as of January 2, 2007 and January 3, 2006, was $3.1 million and $2.6 million, respectively.

This excerpt taken from the CAKE 10-K filed Dec 8, 2006.

12.  Employee Benefit Plans:

We have established two defined contribution benefit plans (the “401(k) Plans”), one for our Cheesecake Factory restaurant and corporate support employees, and another for our Grand Lux Cafe restaurant employees, in accordance with section 401(k) of the Internal Revenue Code.  The 401(k) Plans are open to all employees who meet certain compensation and eligibility requirements.  The 401(k) Plans allow participating employees to defer the receipt of a portion of their compensation and contribute such amount to one or more investment options.  We currently match in cash a certain percentage of the employee contributions to the 401(k) Plans and also pay for related administrative expenses, neither of which were significant amounts during fiscal 2005, 2004 and 2003.

We have also established an Executive Savings Plan (the “ESP”).  The ESP is a nonqualified deferred compensation plan for our highly compensated employees as defined in the ESP and who are otherwise ineligible for participation in our 401(k) Plans.  The ESP allows participating employees to defer the receipt of a portion of their base compensation and up to 100% of their eligible bonuses.  Non-employee directors can also participate in the ESP and defer the receipt of their fees.  We match in cash a certain percentage of the base compensation deferred by participating employees and also pay for related administrative expenses, neither of which was a significant amount during fiscal 2005, 2004 and 2003.

73




Employee deferrals and our match are deposited into a rabbi trust, and the funds are generally invested in individual variable life insurance contracts owned by us that are specifically designed to informally fund savings plans of this nature.  Our Consolidated Balance Sheets reflect our investment in variable life insurance contracts in other assets.  Our obligation to participating employees is reflected in other noncurrent liabilities.  All income and expenses related to the rabbi trust are reflected in our Consolidated Statements of Operations.

We maintain a self-insured medical and dental benefit plan for our employees.  We have purchased individual stop-loss coverage in order to limit our exposure to any significant medical claims.  Self-insured medical benefit plan expenses are accrued based upon our estimate of the aggregate liability for uninsured claims incurred using actuarial methods commonly followed in the insurance industry and our historical experience.  The accrued liability for our self-insured medical benefit plan, which is included in other accrued expenses, as of January 3, 2006 and December 28, 2004, was $2.6 million and $2.0 million, respectively.

This excerpt taken from the CAKE 10-K filed Feb 22, 2006.

12.    Employee Benefit Plans:

          We have established two defined contribution benefit plans (the “401(k) Plans”), one for our Cheesecake Factory restaurant and corporate support employees, and another for our Grand Lux Cafe restaurant employees, in accordance with section 401(k) of the Internal Revenue Code.  The 401(k) Plans are open to all employees who meet certain compensation and eligibility requirements.  The 401(k) Plans allow participating employees to defer the receipt of a portion of their compensation and contribute such amount to one or more investment options.  We currently match in cash a certain percentage of the employee contributions to the 401(k) Plans and also pay for related administrative expenses, neither of which were significant amounts during fiscal 2005, 2004 and 2003.

          We have also established an Executive Savings Plan (the “ESP”).  The ESP is a nonqualified deferred compensation plan for our highly compensated employees as defined in the ESP and who are otherwise ineligible for participation in our 401(k) Plans.  The ESP allows participating employees to defer the receipt of a portion of their base compensation and up to 100% of their eligible bonuses.  Non-employee directors can also participate in the ESP and defer the receipt of their fees.  We match in cash a certain percentage of the base compensation deferred by participating employees and also pay for related administrative expenses, neither of which was a significant amount during fiscal 2005, 2004 and 2003.  Employee deferrals and our match are deposited into a rabbi trust, and the funds are generally invested in individual variable life insurance contracts owned by us that are specifically designed to informally fund savings plans of this nature.  Our Consolidated Balance Sheets reflect our investment in variable life insurance contracts in other assets.  Our obligation to participating employees is reflected in other noncurrent liabilities.  All income and expenses related to the rabbi trust are reflected in our Consolidated Statements of Operations.

          We maintain a self-insured medical and dental benefit plan for our employees.  We have purchased individual stop-loss coverage in order to limit our exposure to any significant medical claims.  Self-insured medical benefit plan expenses are accrued based upon our estimate of the aggregate liability for uninsured claims incurred using actuarial methods commonly followed in the insurance industry and our historical experience.  The accrued liability for our self-insured medical benefit plan, which is included in other accrued expenses, as of January 3, 2006 and December 28, 2004, was $2.6 million and $2.0 million, respectively.

69


This excerpt taken from the CAKE 10-K filed Apr 6, 2005.

12.     Employee Benefit Plans:

          We have established two defined contribution benefit plans (the “401(k) Plans”), one for our Cheesecake Factory restaurant and corporate support employees, and another for our Grand Lux Cafe restaurant employees, in accordance with section 401(k) of the Internal Revenue Code.  The 401(k) Plans are open to all employees who meet certain compensation and eligibility requirements.  The 401(k) Plans allow participating employees to defer the receipt of a portion of their compensation and contribute such amount to one or more investment options.  We currently match in cash a certain percentage of the employee contributions to the 401(k) Plans and also pay for related administrative expenses, neither of which were significant amounts during fiscal 2004, 2003 and 2002.

65


12.     Employee Benefit Plans (continued):

          We have also established an Executive Savings Plan (the “ESP”).  The ESP is a nonqualified deferred compensation plan for our highly compensated employees as defined in the ESP and who are otherwise ineligible for participation in our 401(k) plans.  The ESP allows participating employees to defer the receipt of a portion of their base compensation and up to 100% of their eligible bonuses.  Non-employee directors can also participate in the ESP and defer the receipt of their fees.  We match in cash a certain percentage of the base compensation deferred by participating employees and also pay for related administrative expenses, neither of which were significant amounts during fiscal 2004, 2003 and 2002.  Employee deferrals and our match are deposited into a “rabbi” trust established by the Company, and the funds are generally invested in individual variable life insurance contracts owned by the Company that are specifically designed to informally fund savings plans of this nature.  Our Consolidated Balance Sheets reflect the Company’s investment in variable life insurance contracts in the “Other assets” category.  The Company’s obligation to participating employees is reflected in the “Other noncurrent liabilities” category.  All income and expenses related to the rabbi trust are reflected in our Consolidated Statements of Operations.

          We maintain a self-insured medical and dental benefit plan for our employees.  We have purchased both individual and aggregate stop-loss coverage in order to limit our exposure to any significant medical claims.  Self-insured medical benefit plan expenses are accrued based upon our estimate of the aggregate liability for uninsured claims incurred using actuarial methods commonly followed in the insurance industry and our historical experience.  The accrued liability for our self-insured medical benefit plan (included in “Other accrued expenses”) as of December 28, 2004 and December 30, 2003 was $2,042,000 and $2,088,000, respectively.

This excerpt taken from the CAKE 10-K filed Apr 4, 2005.

12.     Employee Benefit Plans:

          We have established two defined contribution benefit plans (the “401(k) Plans”), one for our Cheesecake Factory restaurant and corporate support employees, and another for our Grand Lux Cafe restaurant employees, in accordance with section 401(k) of the Internal Revenue Code.  The 401(k) Plans are open to all employees who meet certain compensation and eligibility requirements.  The 401(k) Plans allow participating employees to defer the receipt of a portion of their compensation and contribute such amount to one or more investment options.  We currently match in cash a certain percentage of the employee contributions to the 401(k) Plans and also pay for related administrative expenses, neither of which were significant amounts during fiscal 2004, 2003 and 2002.

65


12.     Employee Benefit Plans (continued):

          We have also established an Executive Savings Plan (the “ESP”).  The ESP is a nonqualified deferred compensation plan for our highly compensated employees as defined in the ESP and who are otherwise ineligible for participation in our 401(k) plans.  The ESP allows participating employees to defer the receipt of a portion of their base compensation and up to 100% of their eligible bonuses.  Non-employee directors can also participate in the ESP and defer the receipt of their fees.  We match in cash a certain percentage of the base compensation deferred by participating employees and also pay for related administrative expenses, neither of which were significant amounts during fiscal 2004, 2003 and 2002.  Employee deferrals and our match are deposited into a “rabbi” trust established by the Company, and the funds are generally invested in individual variable life insurance contracts owned by the Company that are specifically designed to informally fund savings plans of this nature.  Our Consolidated Balance Sheets reflect the Company’s investment in variable life insurance contracts in the “Other assets” category.  The Company’s obligation to participating employees is reflected in the “Other noncurrent liabilities” category.  All income and expenses related to the rabbi trust are reflected in our Consolidated Statements of Operations.

          We maintain a self-insured medical and dental benefit plan for our employees.  We have purchased both individual and aggregate stop-loss coverage in order to limit our exposure to any significant medical claims.  Self-insured medical benefit plan expenses are accrued based upon our estimate of the aggregate liability for uninsured claims incurred using actuarial methods commonly followed in the insurance industry and our historical experience.  The accrued liability for our self-insured medical benefit plan (included in “Other accrued expenses”) as of December 28, 2004 and December 30, 2003 was $2,042,000 and $2,088,000, respectively.

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