Retirement Plans

9 Months Ended

Oct. 31, 2012

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

Retirement Plans

The Company and its subsidiaries cover employees under a noncontributory defined benefit retirement plan, entitled the Virco Employees’ Retirement Plan (the “Pension 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 nine months ended October 31, 2012 and 2011 were as follows (in thousands):

	Three Months Ended October 31,
											Non-Employee Directors
	Pension Plan						VIP Retirement Plan				Retirement Plan
	2012			2011			2012		2011		2012		2011
Service cost	$	—		$	—		$	—	$	—	$	—	$	—
Interest cost	325			360			88		95		5		6
Expected return on plan assets	(245		)	(289		)	—		—		—		—
Amortization of prior service cost	—			—			—		—		—		—
Settlement cost	—			1,435			—		—		—		—
Recognized net actuarial loss or (gain)	360			262			51		13		—		(10		)
Net periodic pension cost (income)	$	440		$	1,768		$	139	$	108	$	5	$	(4	)

	Nine Months Ended October 31,
											Non-Employee Directors
	Pension Plan						VIP Retirement Plan				Retirement Plan
	2012			2011			2012		2011		2012		2011
Service cost	$	—		$	—		$	—	$	—	$	—	$	—
Interest cost	975			1,080			264		285		15		18
Expected return on plan assets	(735		)	(867		)	—		—		—		—
Amortization of prior service cost	—			—			—		—		—		—
Settlement cost	—			1,435			—		—		—		—
Recognized net actuarial loss or (gain)	1,080			786			153		39		—		(30		)
Net periodic pension cost (income)	$	1,320		$	2,434		$	417	$	324	$	15	$	(12	)