EMPLOYEE BENEFIT PLANS

Pension Benefits

In prior years, we maintained the Pension Plan and Supplemental Pension Plan covering certain employees whose hire date was on or before April 1, 1994. Benefits under each plan were based on credited years of service and the employee’s compensation during the last five years of employment.

On October 31, 2015, our Board of Directors approved amendments to freeze benefits and terminate the Pension Plan. The Pension Plan discontinued accruing benefits on December 31, 2015, and the termination was effective January 31, 2016. On December 2, 2015, our Board of Directors approved amendments to freeze benefits and terminate the Supplemental Pension Plan. The Supplemental Pension Plan discontinued accruing benefits on December 31, 2015, and the termination was effective December 31, 2015. During 2016, we completed the termination proceedings for the Pension Plan, including seeking and receiving a favorable IRS determination letter, conducting a lump sum offering to our active and terminated vested participants, and conducting an insurance placement for the annuity purchasers. Additionally, we funded the Pension Plan and reduced our liability thereunder to zero. In January 2017, we completed the termination proceedings for the Supplemental Pension Plan and paid all accrued balances to participants through lump sum settlements.

In addition, in the fourth quarter of 2015, when we communicated the approved amendments to the participants of the Pension Plan, we informed Pension Plan participants that we would provide for a one-time transition benefit to participants who were actively employed on December 31, 2015. We recorded a charge in selling and administrative expenses for this one-time transition benefit of $7.0 million, which was contributed to participants’ savings plan accounts in 2016.

The components of net periodic pension expense were comprised of the following:



(In thousands)	2016			2015
Service cost - benefits earned in the period	$	—		$	1,923
Interest cost on projected benefit obligation	879			2,444
Expected investment return on plan assets	(1,536		)	(2,628		)
Amortization of prior service cost	—			4
Amortization of actuarial loss	2,241			1,817
Curtailment loss	—			191
Settlement loss	24,483			1,912
Net periodic pension cost	$	26,067		$	5,663

The weighted-average assumptions used to determine net periodic pension expense were:



	2016		2015
Discount rate	1.2	%	3.3	%
Rate of increase in compensation levels	—	%	2.8	%
Expected long-term rate of return	2.8	%	5.2	%

Savings Plans

We have a savings plan with a 401(k) deferral feature and a nonqualified deferred compensation plan with a similar deferral feature for eligible employees. We contribute a matching percentage of employee contributions. Our matching contributions are subject to Internal Revenue Service (“IRS”) regulations. For 2017, 2016, and 2015, we expensed $7.7 million, $6.6 million, and $6.3 million, respectively, related to our matching contributions. In connection with our nonqualified deferred compensation plan, we had liabilities of $33.4 million and $24.4 million at February 3, 2018 and January 28, 2017, respectively, which are recorded in other liabilities.