BENEFIT PLANS

6 Months Ended

Aug. 03, 2013

BENEFIT PLANS

BENEFIT PLANS

NOTE 9—BENEFIT PLANS

The Company maintains a non-qualified defined contribution supplemental executive retirement plan (the “Account Plan”) for key employees designated by the Board of Directors. For fiscal 2013, contributions to the Account Plan are contingent upon meeting certain performance metrics. During the first half of fiscal 2013, contribution expense to the Account Plan was $0.6 million.  The Company also has a qualified 401(k) savings plan and a separate plan for employees residing in Puerto Rico, which cover all full-time employees who are at least 21 years of age with one or more years of service. The Company contributes the lesser of 50% of the first 6% of a participant’s contributions or 3% of the participant’s compensation under both savings plans.  During the first half of fiscal 2013, employer 401(k) contribution expense was $1.8 million.  For fiscal 2012, the Company’s contributions to the Account Plan and the 401(k) plans were contingent upon meeting certain performance metrics. The Company did not record any contribution expense for these plans in fiscal 2012.

In fiscal 2011, the Company began the process to terminate its defined benefit pension plan. During the fourth quarter of fiscal 2012, the Company contributed $14.1 million to fully fund the plan on a termination basis.  Accordingly, the Company has no ongoing pension expense, including in the first half of fiscal 2013.

Pension expense for the first half of fiscal 2012 was as follows:

	Twenty-six weeks ended
(dollar amounts in thousands)	July 28, 2012
Interest cost	$	1,238
Expected return on plan assets	(1,408		)
Amortization of net loss	1,133
Net periodic benefit cost	$	963