Retirement Plans

9 Months Ended

Oct. 31, 2016

Compensation and Retirement Disclosure [Abstract]

The Company and its subsidiaries cover certain employees under a noncontributory defined benefit retirement plan, entitled the Virco Employees’ Retirement Plan (the “Pension Plan”). Benefits under the Employees Retirement Plan are based on years of service and career average earnings. As more fully described in the Form 10-K, benefit accruals under the Employees Retirement Plan were frozen effective December 31, 2003.

The Company also provides a supplementary retirement plan for certain key employees, the VIP Retirement Plan (the “VIP Plan”). The VIP Plan provides a benefit of up to 50% of average compensation for the last 5 years in the VIP Plan, offset by benefits earned under the Pension Plan. As more fully described in the Form 10-K, benefit accruals under this plan were frozen effective December 31, 2003.

The Company also provides a non-qualified plan for certain former non-employee directors of the Company (the “Non-Employee Directors Retirement Plan”). The Non-Employee Directors Retirement Plan provides a lifetime annual retirement benefit equal to the director’s annual retainer fee for the fiscal year in which the director terminated his or her position with the Board, subject to the director having provided 10 years of service to the Company. As more fully described in the Form 10-K, benefit accruals under this plan were frozen effective December 31, 2003.

The net periodic pension cost (income) for the Pension Plan, the VIP Plan, and the Non-Employee Directors Retirement Plan for the three months and nine months ended October 31, 2016 and 2015 were as follows (in thousands):



	Three Months Ended
	Pension Plan						VIP Plan				Non-Employee Directors Retirement Plan
	10/31/2016			10/31/2015			10/31/2016		10/31/2015		10/31/2016			10/31/2015
Service cost	$	—		$	—		$	—	$	—	$	—		$	—
Interest cost	296			324			90		105		3			3
Expected return on plan assets	(284		)	(324		)	—		—		—			—
Amortization of transition amount	—			—			—		—		—			—
Recognized (gain) loss due to curtailments	—			—			—		—		—			—
Amortization of prior service cost	—			—			—		—		—			—
Recognized net actuarial (gain) loss	282			375			77		120		(29		)	—
Benefit cost	$	294		$	375		$	167	$	225	$	(26	)	$	3



	Nine months Ended
	Pension Plan						VIP Plan				Non-Employee Directors Retirement Plan
	10/31/2016			10/31/2015			10/31/2016		10/31/2015		10/31/2016			10/31/2015
Service cost	$	—		$	—		$	—	$	—	$	—		$	—
Interest cost	888			972			270		315		9			9
Expected return on plan assets	(852		)	(972		)	—		—		—			—
Amortization of transition amount	—			—			—		—		—			—
Recognized (gain) loss due to curtailments	—			—			—		—		—			—
Amortization of prior service cost	—			—			—		—		—			—
Recognized net actuarial (gain) loss	846			1,125			231		360		(87		)	—
Benefit cost	$	882		$	1,125		$	501	$	675	$	(78	)	$	9