Employee Retirement Plans

The Company expects to make payments in the aggregate of $1,381 during fiscal 2014 to the funded, qualified associates’ retirement plan (“ARP”) and to meet its current year payment obligation for the unfunded, non-qualified supplemental retirement plans (collectively, “SRP”). In the nine-month period of fiscal 2014, contributions of $751 were made into the ARP and payments of $486 were made to participants in the SRP.

During the third quarter of fiscal 2014, the Company's former chairman died. Due to the significant impact of the former chairman's death on the future benefit obligations under the SRP, the Company remeasured the SRP liability as of March 1, 2014. The re-measurement resulted in a reduction of current and long-term SRP liabilities of $339 and $3,064, respectively, and a reduction in accumulated other comprehensive income of $2,076 net of deferred taxes of $1,327.

During the third quarter, the Company changed the amortization period for the amortization of net actuarial gains and losses on the ARP from the average remaining service period of active pension plan participants of 7.65 years to average remaining life expectancy of the inactive participants of 17.81 years. This change in amortization period was implemented in fiscal 2014 based on almost all of the plan's participants being inactive under ASC 715-30-35-24. The switch in amortization period resulted in a reduction of recognized total pension expense for each of the third quarter of fiscal 2014 and the nine-month period of fiscal 2014 of $523 and is reflected in the SGA expense for each of the third quarter and nine-month period of fiscal 2014.

The components of net periodic benefit cost for the retirement plans in the aggregate during each period noted below consisted of the following:



	Third Quarter						Nine-month period
	Fiscal 2014			Fiscal 2013			Fiscal 2014			Fiscal 2013
Service cost	$	—		$	—		$	—		$	—
Interest cost	445			434			1,336			1,302
Expected return on plan assets	(450		)	(450		)	(1,351		)	(1,350		)
Net amortization	(249		)	450			485			1,350
Total pension (income) expense	$	(254	)	$	434		$	470		$	1,302