We sponsor a single 401(k) retirement plan covering substantially all full-time, non-union employees, as well as union employees at two of our manufacturing facilities. Under the plan, employees are allowed to contribute up to 60 percent of eligible earnings to the plan, up to statutory limits. We contributes a match of 100 percent of the first one percent contributed and 50 percent of the next five percent contributed on eligible compensation that non-union employees contribute and according to contract terms for union employees. The match was $9.0 million in fiscal 2020, $8.0 million in fiscal 2019 and $7.5 million in fiscal 2018.

We maintain a plan that allows participants to defer compensation. The deferred compensation liability was $14.0 million and $12.1 million at February 29, 2020 and March 2, 2019, respectively. We have investments in corporate-owned life insurance policies (COLI) of $16.6 million and money market funds (classified as cash equivalents) of $0.4 million with the intention of utilizing them as long-term funding sources for this plan. The COLI assets are recorded at their net cash surrender values and are included in other non-current assets in the consolidated balance sheet.

We contribute to various multi-employer union retirement plans, which provide retirement benefits to the majority of our union employees; none of the plans are considered significant. The total contribution to these plans in fiscal 2020, 2019 and 2018 was $6.2 million, $4.9 million and $2.9 million, respectively.

We sponsor the Tubelite Inc. Hourly Employees' Pension Plan, a defined-benefit pension plan that was frozen to new entrants in fiscal 2004, with no additional benefits accruing to plan participants after such time.

We sponsor an unfunded SERP, a defined-benefit pension plan that was frozen to new entrants in fiscal 2009, with no additional benefits accruing to plan participants after such time.

The following tables present reconciliations of the benefit obligation of the defined-benefit pension plans and the funded status of the defined-benefit pension plans. The Tubelite plan uses a measurement date as of the calendar month-end closest to our fiscal year-end, while the SERP uses a measurement date aligned with our fiscal year-end.



(In thousands)	2020			2019
Change in projected benefit obligation
Benefit obligation beginning of period	$	13,310		$	13,834
Interest cost	492			506
Actuarial loss (gain)	1,567			(19		)
Benefits paid	(998		)	(1,011		)
Benefit obligation at measurement date	14,371			13,310
Change in plan assets
Fair value of plan assets beginning of period	$	5,330		$	4,169
Actual return on plan assets	1,002			97
Company contributions	652			2,075
Benefits paid	(998		)	(1,011		)
Fair value of plan assets at measurement date	5,986			5,330
Underfunded status	$	(8,385	)	$	(7,980	)



(In thousands)	2020			2019
Other non-current assets	$	591		$	337
Current liabilities	(682		)	(684		)
Other non-current liabilities	(8,294		)	(7,633		)
Total	$	(8,385	)	$	(7,980	)

The following was included in accumulated other comprehensive loss and has not yet been recognized as a component of net periodic benefit cost:



(In thousands)	2020			2019			2018
Interest cost	$	492		$	506		$	531
Expected return on assets	(182		)	(40		)	(41		)
Amortization of unrecognized net loss	219			226			228
Net periodic benefit cost	$	529		$	692		$	718

Total net periodic pension benefit cost is expected to be approximately $0.5 million in fiscal 2021. The estimated net actuarial gain for the defined-benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost for fiscal 2021 is $0.3 million, net of tax expense.



Net Periodic Benefit Expense Weighted-Average Assumptions	2020		2019		2018
Discount rate	2.50	%	3.85	%	3.80	%
Expected long-term rate of return on assets	4.50	%	4.50	%	2.00	%

Discount rate. The discount rate reflects the current rate at which the defined-benefit plans' pension liabilities could be effectively settled at the end of the year based on the measurement date. The discount rate was determined by matching the expected benefit payments to payments from the Principal Discount Yield Curve. There are no known or anticipated changes in the discount rate assumption that will have a significant impact on pension expense in fiscal 2021.

Expected return on assets. To develop the expected long-term rate of return on assets, we considered historical long-term rates of return achieved by the plan investments, the plan's investment strategy, and current and projected market conditions. During fiscal 2019, the assets of the Tubelite plan were moved from investment in a short-term bond fund to various duration fixed income funds. The investments are carried at fair value based on prices from recent trades of similar securities, which would be classified as Level 2 in the valuation hierarchy. We do not maintain assets intended for the future use of the SERP.

Company contributions to the plans for fiscal 2020 were $0.7 million and for fiscal 2019 were $2.1 million, which equaled or exceeded the minimum funding requirements.



(In thousands)	2021		2022		2023		2024		2025		2026-2030
Estimated future benefit payments	$	1,052	$	1,012	$	979	$	955	$	921	$	4,260