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BENEFIT PLANS
9 Months Ended
Nov. 01, 2014
BENEFIT PLANS  
BENEFIT PLANS

NOTE 10BENEFIT PLANS

 

The Company continues to maintain the non-qualified defined contribution portion of the Supplemental Executive Retirement Plan (the “Account Plan”) for key employees designated by the Board of Directors. On January 31, 2014, the Account Plan was amended to eliminate the retirement plan contributions that have historically been made by the Company effective for calendar year 2015. For fiscal 2014 and fiscal 2013, contributions to the Account Plan are contingent upon meeting certain performance metrics. The Company had no contribution expense for the Account Plan in the first three quarters of fiscal 2014 or fiscal 2013.

 

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 18 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. The Company’s savings plans’ contribution expense was $2.3 million in the first three quarters of fiscal 2014 and was $2.5 million in the first three quarters of fiscal 2013.