Retirement Plans

6 Months Ended

Jul. 31, 2011

Retirement Plans [Abstract]

Retirement Plans

Note 10. Retirement Plans

The Company and its subsidiaries cover all employees under a noncontributory defined benefit retirement plan, entitled the Virco Employees’ Retirement Plan (the “Employees Retirement Plan”). Benefits under the Employees Retirement Plan are based on years of service and career average earnings. As more fully described in the Form 10-K, benefit accruals under the Employees Retirement Plan were frozen effective December 31, 2003.

The Company also provides a supplementary retirement plan for certain key employees, the VIP Retirement Plan (the “VIP Plan”). The VIP Plan provides a benefit of up to 50% of average compensation for the last five years in the VIP Plan, offset by benefits earned under the Employees Retirement Plan. As more fully described in the Form 10-K, benefit accruals under this plan were frozen effective December 31, 2003.

The Company also provides a non-qualified plan for non-employee directors of the Company (the “Non-Employee Directors Retirement Plan”). The Non-Employee Directors Retirement Plan provides a lifetime annual retirement benefit equal to the director’s annual retainer fee for the fiscal year in which the director terminates his or her position with the Board, subject to the director providing 10 years of service to the Company. As more fully described in the Form 10-K, benefit accruals under this plan were frozen effective December 31, 2003.

The net periodic pension costs (income) for the Employees Retirement Plan, the VIP Plan, and the Non-Employee Directors Retirement Plan for the three and six months each ended July 31, 2011 and 2010 were as follows (in thousands):

	Three Months Ended
											Non-Employee Directors
	Pension Plan						VIP Retirement Plan				Retirement Plan
	2011			2010			2011		2010		2011			2010
Service cost	$	—		$	—		$	—	$	—	$	—		$	—
Interest cost		360			352			95		87		6			6
Expected return on plan assets		(289	)		(262	)		—		—		—			—
Amortization of prior service cost		—			—			13		—		—			—
Recognized net actuarial loss or (gain)		262			243			—		—		(10	)		(7	)
Net periodic pension cost (income)	$	333		$	333		$	108	$	87	$	(4	)	$	(1	)

	Six Months Ended
											Non-Employee Directors
	Pension Plan						VIP Retirement Plan				Retirement Plan
	2011			2010			2011		2010		2011			2010
Service cost	$	—		$	—		$	—	$	—	$	—		$	—
Interest cost		720			704			190		174		12			12
Expected return on plan assets		(578	)		(524	)		—		—		—			—
Amortization of prior service cost		—			—			26		—		—			—
Recognized net actuarial loss or (gain)		524			486			—		—		(20	)		(14	)
Net periodic pension cost (income)	$	666		$	666		$	216	$	174	$	(8	)	$	(2	)