Benefit Plans

The Company has a retirement plan with a 401(k)-salary deferral feature for eligible employees. Under the terms of the plan, eligible employees could contribute up to the lesser of $18,000 ($24,000 if at least 50 years of age) or 75% of eligible pay. Eligible employees with 1 year of service, who elect to participate in the plan or are auto-enrolled, receive a Company matching contribution. Company matching contributions are calculated on the eligible employee's first 6% of elective deferrals with the first 1% being matched 100% and the next 5% being matched 50%. The Company matching contributions are used to purchase Class A Common Stock of the Company for the benefit of the employee. This stock may be immediately diversified into any of the other funds within the plan at the election of the employee. The terms of the plan provide a two-year vesting schedule for the Company matching contribution portion of the plan.

The Company incurred benefit plan expense of approximately $18 million for each of fiscal 2015, 2014 and 2013.

The Company has an unfunded, nonqualified defined benefit plan ("Pension Plan") for its officers. The Pension Plan is noncontributory and provides benefits based on years of service and compensation during employment. Pension expense is determined using an actuarial cost method to estimate the total benefits ultimately payable to officers and allocates this cost to service periods. The actuarial assumptions used to calculate pension costs are reviewed annually. Net periodic benefit costs are included in selling, general and administrative expenses.

The accumulated benefit obligations, change in projected benefit obligation, change in Pension Plan assets, funded status, and reconciliation to amounts recognized in the consolidated balance sheets are as follows:



(in thousands of dollars)	January 30, 2016			January 31, 2015
Change in benefit obligation:
Benefit obligation at beginning of year	$	196,922		$	173,870
Service cost	3,932			4,396
Interest cost	6,736			7,644
Actuarial (gain) loss	(18,788		)	13,850
Benefits paid	(3,992		)	(2,838		)
Benefit obligation at end of year	$	184,810		$	196,922
Change in Pension Plan assets:
Fair value of Pension Plan assets at beginning of year	$	—		$	—
Employer contribution	3,992			2,838
Benefits paid	(3,992		)	(2,838		)
Fair value of Pension Plan assets at end of year	$	—		$	—
Funded status (Pension Plan assets less benefit obligation)	$	(184,810	)	$	(196,922	)
Amounts recognized in the balance sheets:
Accrued benefit liability	$	(184,810	)	$	(196,922	)
Net amount recognized	$	(184,810	)	$	(196,922	)
Pretax amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	27,669		$	50,153
Prior service cost	—			—
Net amount recognized	$	27,669		$	50,153
The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic cost in 2016:
Net actuarial loss	$	1,204
Prior service cost	—
Net amount recognized	$	1,204

Accumulated benefit obligation at end of year	$	(177,228	)	$	(188,126	)

The accrued benefit liability is included in other liabilities.

The discount rate that the Company utilizes for determining future pension obligations is based on the Citigroup Above Median Pension Index Curve on its annual measurement date as of the end of each fiscal year and is matched to the future expected cash flows of the benefit plans by annual periods. The discount rate increased to 4.2% as of January 30, 2016 from 3.5% as of January 31, 2015. Weighted average assumptions are as follows:



	Fiscal 2015		Fiscal 2014		Fiscal 2013
Discount rate—net periodic pension cost	3.5	%	4.4	%	4.1	%
Discount rate—benefit obligations	4.2	%	3.5	%	4.4	%
Rate of compensation increases	3.0	%	3.0	%	3.0	%

The components of net periodic benefit costs are as follows:



(in thousands of dollars)	Fiscal 2015			Fiscal 2014		Fiscal 2013
Components of net periodic benefit costs:
Service cost	$	3,932		$	4,396	$	4,237
Interest cost	6,736			7,644		6,782
Net actuarial loss	3,697			2,660		3,012
Amortization of prior service cost	—			—		96
Plan curtailment gain	—			—		(1,480		)
Net periodic benefit costs	$	14,365		$	14,700	$	12,647
Other changes in benefit obligations recognized in other comprehensive (income) loss:
Net actuarial (gain) loss	$	(22,485	)	$	11,190	$	(4,225	)
Amortization of prior service cost	—			—		(96		)
Total recognized in other comprehensive (income) loss	$	(22,485	)	$	11,190	$	(4,321	)
Total recognized in net periodic benefit costs and other comprehensive income or loss	$	(8,120	)	$	25,890	$	8,326

The estimated future benefits payments for the nonqualified benefit plan are as follows:



(in thousands of dollars)
Fiscal Year
2016	$	4,027	*
2017	6,039
2018	6,453
2019	6,515
2020	9,291
2021 - 2025	57,258
Total payments for next ten fiscal years	$	89,583

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* The estimated benefit payment for fiscal 2016 also represents the amount the Company expects to contribute to the Pension Plan for fiscal 2016.