Defined Benefit Plans

6 Months Ended

Aug. 01, 2015

Disclosure Text Block Supplement [Abstract]

Compensation and Employee Benefit Plans [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. During the twenty-six weeks ended August 1, 2015, the Company did not make any cash contributions to the SERP and presently expects to pay approximately $182,000 in benefits relating to the SERP during fiscal 2015.

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. During the twenty-six weeks ended August 1, 2015, the Company did not make any cash contributions to the Director Retirement Plan, and presently expects to pay approximately $25,000 in benefits relating to the Director Retirement Plan during fiscal 2015.

The measurement date for the SERP and Director Retirement Plan is the Company’s 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 Plan for the respective periods:

	Thirteen weeks ended						Twenty-six weeks ended
	August 1, 2015			August 2, 2014			August 1, 2015			August 2, 2014
	(in thousands)						(in thousands)
Service cost	$	17		$	14		$	34		$	27
Interest cost		145			172			290			345
Amortization of pension costs		86			180			172			360
Amortization of net gain(1)		(9	)		(35	)		(18	)		(71	)
Net periodic pension cost	$	239		$	331		$	478		$	661

(1) The amortization of net gain is related to the Director Retirement Plan.