BENEFIT PLANS

Defined Benefit Pension & Post-Retirement Plans — We maintain a noncontributory defined benefit pension plan and a post-retirement benefit plan which cover certain union and nonunion employees. The annual contributions for the pension plan are not less than the minimum funding standards set forth in the Employee Retirement Income Security Act of 1974, as amended. We do not pre-fund the benefits for the post-retirement benefit plan. The plans provide for eligible employees to receive benefits based principally on years of service. We record the expected cost of these benefits as expense during the years that employees render service.

We account for these plans under FASB ASC 715, “Defined Benefit Plans - Pension,” which requires an employer to recognize the funded status of any defined benefit pension and/or other postretirement benefit plans, including any unrecognized prior service costs, transition obligations or actuarial gains/losses, as an asset or liability in its balance sheet.

The following table sets forth the plans' benefit obligations, fair value of plan assets, and funded status at January 29, 2011 and January 28, 2012:



	Pension Benefits						Postretirement Benefits

	Fiscal Year						Fiscal Year
	2010			2011			2010			2011
	(In thousands)
Accumulated benefit obligation	$	1,207		$	1,633		$	53		$	46
Fair value of plan assets	1,395			1,777			—			—
Funded status	188			144			(53		)	(46		)
Accrued (prepaid) benefit cost recognized in the balance sheets	$	(188	)	$	(144	)	$	53		$	46

Weighted-average discount rate assumptions used to determine benefit obligations as of January 29, 2011 and January 28, 2012 (the dates of the latest actuarial calculations) were 5.75% and 4.75%, respectively. Weighted-average assumptions used to determine net cost included a discount rate of 6.25%, 6.00% and 5.75% for fiscal years 2009, 2010 and 2011, respectively. The return on plan assets assumption was 7.00% for fiscal years 2009, 2010 and 2011.

Plan assets of our pension benefits as of January 29, 2011 and January 28, 2012 consisted primarily of balanced mutual funds and short-term investment funds.

Pension expense recognized in our statements of income was $0.1 million for each of fiscal years 2009, 2010 and 2011. We contributed $0.1 million and $0.4 million in fiscal years 2010 and 2011, respectively, to the pension plan. We do not expect to be required to contribute significant amounts of cash in fiscal year 2012 to the pension plan.

Profit Sharing Plan — We maintain a defined contribution 401(k) profit sharing plan for our employees. All non-union and certain union employees are eligible to participate in the plan on the first day of the month following three months of service. Employee contributions to the plan are limited based on applicable sections of the Internal Revenue Code. Our contribution to the 401(k) plan is discretionary. Amounts expensed related to the plan were approximately $0.8 million, $0.9 million, and $0.9 million for fiscal years 2009, 2010 and 2011, respectively.

Deferred Compensation Plan — We also maintain a non-qualified deferred compensation plan for certain executives. All assets of the plan are fully subject to our creditors. There were no matching contributions in any of fiscal years 2009, 2010 or 2011, although contributions were made by certain executives. Included in the Consolidated Balance Sheets, within “Prepaid expenses and other current assets” and “Accrued Expenses,” are separate amounts of an equal asset and liability of $2.2 million at fiscal year-end 2010 and $2.5 million at fiscal year-end 2011.