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Defined Benefit Plans
9 Months Ended
Oct. 29, 2011
Pension and Other Postretirement Benefits Disclosure [Text Block]

Note 5. Defined Benefit Plans


The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain executive officers of the Company. The SERP provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements.


The Company had previously provided the Board of Directors with a noncontributory, unfunded retirement plan (“Director Retirement Plan”) that paid retired directors an annual retirement benefit. Directors who were not yet vested in their retirement benefits as of June 1, 2003 had the present value of benefits already accrued as of the effective date converted to deferred shares of the Company’s Common Stock. Directors that were fully or partially vested in their retirement benefits were given a one time election to continue to participate in the current retirement program or convert the present value of their benefits to deferred shares.


The measurement date for the SERP and Director Retirement Plan is fiscal year end, using actuarial techniques which reflect estimates for mortality, turnover and expected retirement. In addition, management makes assumptions concerning future salary increases. Discount rates are generally established as of the measurement date using theoretical bond models that select high-grade corporate bonds with maturities or coupons that correlate to the expected payouts of the applicable liabilities.


The following represents the components of the net periodic pension cost related to the Company’s SERP and Director Retirement Plan for the respective periods:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen weeks ended

 

Thirty-nine weeks ended

 

 

 


 


 

 

 

October 29,
2011

 

October 30,
2010

 

October 29,
2011

 

October 30,
2010

 

 

 




 




 

 

 

(in thousands)

 

(in thousands)

 

Service cost

 

$

37

 

$

33

 

$

111

 

$

99

 

Interest cost

 

 

168

 

 

163

 

 

504

 

 

489

 

Amortization of prior service cost

 

 

86

 

 

86

 

 

258

 

 

258

 

Amortization of net gain

 

 

(112

)

 

(171

)

 

(336

)

 

(513

)

 

 



 



 



 



 

Net periodic pension cost

 

$

179

 

$

111

 

$

537

 

$

333

 

 

 



 



 



 



 


During the thirty-nine weeks ended October 29, 2011, the Company did not make any cash contributions to the SERP or the Director Retirement Plan, and presently expects to pay approximately $103,000 in benefits relating to the SERP and $38,000 in benefits relating to the Director Retirement Plan during Fiscal 2011.