PENSION PLANS

The Company sponsored four defined benefit pension plans in fiscal 2020 and 2019. Net periodic pension cost for the four plans includes the following components:



	13 Weeks Ended						39 Weeks Ended
	April 25, 2020			April 27, 2019			April 25, 2020			April 27, 2019
Service cost	$	51		$	53		$	152		$	160
Interest cost on projected benefit obligations	512			655			1,643			1,964
Expected return on plan assets	(733		)	(721		)	(2,061		)	(2,162		)
Loss on settlement	116			431			1,362			431
Amortization of net losses	144			145			435			437
Net periodic pension cost	$	90		$	563		$	1,531		$	830

As of April 25, 2020, the Company has not made any contributions to its pension plans in fiscal 2020. The Company expects contributions to its defined benefit pension plans to be immaterial in fiscal 2020.

On December 23, 2019, the Company terminated the Village Super Market, Inc. Retail Clerks Employees’ Retirement Plan. All participants of the plan were former employees of a store previously closed in 1994. An annuity contract totaling $1,302 was purchased with an insurance company for all participants who did not elect a lump sum distribution. Additionally, lump sum distributions related to the termination totaled $451. The plan had sufficient assets to satisfy all termination transaction obligations, and no benefit obligation or plan assets related to the Village Super Market, Inc. Retail Clerks Employees’ Retirement Plan remain as of April 25, 2020. As a result of this termination, the Company recognized a non-cash pre-tax settlement charge totaling $669 during the 13 weeks ended January 25, 2020. This settlement charge represents the plan’s remaining unrecognized losses within accumulated other comprehensive loss as of the termination date.

Additionally, the Company recognized a settlement loss of $116 and $693 in the 13 and 39 weeks ended April 25, 2020 and $431 in both the 13 and 39 weeks ended April 27, 2019 for a plan where benefits paid exceeded the sum of the service cost and interest cost components of net periodic pension cost. Assumptions used in the related remeasurement include a discount rate of 2.85% and long term expected rate of return on plan assets of 5.00%.