Supplemental Employee Retirement Plan

12 Months Ended

Jan. 28, 2012

Supplemental Employee Retirement Plan [Abstract]

NOTE 11: Supplemental Employee Retirement Plan

The Company maintains a defined benefit Supplemental Employee Retirement Plan (the "SERP") for a former Chairman of the board of directors of the Company. The SERP provides for retirement death benefits and for retirement benefits through life insurance. The Company funded the SERP in prior years through contributions to a trust fund known as a "Rabbi" trust. Funds are held in a Rabbi trust for the SERP consisting of a life insurance policy reported at cash surrender value. In accordance with applicable accounting standards, the assets and liabilities of a Rabbi trust must be accounted for as if they are assets and liabilities of the Company. The assets held in the Rabbi trust are not available for general corporate purposes. In addition, all earnings and expenses of the Rabbi trust are reported in the Company's consolidated statements of operations. The cash surrender value of such life insurance policy was $1.5 million and $1.5 million at January 28, 2012, and January 29, 2011, respectively, and is included in other assets in the Company's consolidated balance sheets.

Effective January 1, 2005, a former Chairman of the Board of Directors of the Company began to receive an annual pension, payable in monthly installments, pursuant to the SERP of $220,000.

Applicable accounting standards require an entity to recognize in its consolidated balance sheet an asset for a defined benefit postretirement plan's overfunded status or a liability for a plan's underfunded status as of the end of the entity's fiscal year, and recognize changes in the funded status of a defined benefit postretirement plan in comprehensive income in the year in which the changes occur. The Company recorded a decrease of $0.3 million, $0.1 million and $0.1 million, respectively, in fiscal 2011, fiscal 2010 and fiscal 2009 to accumulated other comprehensive income/(loss).

The following presents a reconciliation of the SERP's funded status and certain other SERP information (in thousands):


	January 28, 2012			January 29, 2011
Benefit obligation at beginning of year	$	1,983		$	1,985
Interest cost		94			103
Actuarial loss		287			115
Benefits paid		(220	)		(220	)

Benefit obligation at end of year	$	2,144		$	1,983

Funded status	$	(2,144	)	$	(1,983	)
Unrecognized prior-service cost		—			—
Unrecognized actuarial gain		—			—

Net amount recognized	$	(2,144	)	$	(1,983	)

Weighted-average assumptions:
Discount rate		4.00	%		5.00	%
Expected return on plan assets		n/a			n/a
Rate of compensation increase		n/a			n/a

The amounts recognized in accumulated other comprehensive income for fiscal 2011, fiscal 2010 and fiscal 2009 on the consolidated balance sheets consist of the following (in thousands):


	Fiscal 2011		Fiscal 2010		Fiscal 2009
Net actuarial loss	$	287	$	115	$	112

The components of net periodic pension cost for fiscal 2011, fiscal 2010 and fiscal 2009 are as follows (in thousands):


	Fiscal 2011			Fiscal 2010			Fiscal 2009
Interest cost	$	94		$	103		$	112
Amortization of actuarial gain		(7	)		(16	)		(25	)

Net periodic pension cost	$	87		$	87		$	87

- Definition

The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated.

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