Post Employment Benefit Obligations

Defined Benefit Plans

We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers

one

current and certain former executives. The liability for the Supplemental Plan was

$10,364

and

$10,574

as of

March 2, 2019

and

November 24, 2018,

respectively.

We also have the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Management Savings Plan”) which was established in the

second

quarter of fiscal

2017.

The Management Savings Plan is an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees. As part of the Management Savings Plan, we have made Long Term Cash Awards (“LTC Awards”) totaling

$2,000

to certain management employees in the amount of

$400

each. The liability for the LTC Awards was

$1,101

and

$1,078

as of

March 2, 2019

and

November 24, 2018,

respectively.

The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets:

	March 2, 2019		November 24, 2018
Accrued compensation and benefits	$	798	$	798
Post employment benefit obligations		10,667		10,854

Total pension liability	$	11,465	$	11,652

Components of net periodic pension costs for our defined benefit plans for the

three

months ended

March 2, 2019

and

February 24, 2018

are as follows:

	Quarter Ended
	March 2, 2019		February 24, 2018
Service cost	$	47	$	49
Interest cost		110		105
Amortization of prior service costs		31		31
Amortization of transition obligation		-		11
Amortization of loss		46		65

Net periodic pension cost	$	234	$	261

The components of net periodic pension cost other than the service cost component are included in other loss, net in our condensed consolidated statements of operations.

Deferred Compensation Plan

We have an unfunded deferred compensation plan that covers

one

current executive and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with

additional participants or deferrals permitted. Our liability under this plan was

$1,792

and

$1,837

as of

March 2, 2019

and

November 24, 2018,

respectively.

We also have an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees which was established under the Management Savings Plan. Our liability under this plan, including both accrued Company contributions and participant salary deferrals, was

$661

and

$611

as of

March 2, 2019

and

November 24, 2018,

respectively.

Our combined liability for all deferred compensation arrangements, including Company contributions and participant deferrals under the Management Savings Plan, is recorded as follows in the condensed consolidated balance sheets:

	March 2, 2019		November 24, 2018
Accrued compensation and benefits	$	266	$	266
Post employment benefit obligations		2,186		2,053

Total deferred compensation liability	$	2,452	$	2,319

We recognized expense under our deferred compensation arrangements during the

three

months ended

March 2, 2019

and

February 24, 2018

as follows:

	Quarter Ended
	March 2, 2019		February 24, 2018
Deferred compensation expense	$	99	$	79