Retirement Plans

6 Months Ended

Jul. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

Note 10. 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 5 years in the VIP Plan, offset by benefits earned under the Pension 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 cost (income) for the Pension Plan, the VIP Plan, and the Non-Employee Directors Retirement Plan for the three and six months ended July 31, 2013 and 2012 were as follows (in thousands):

	Three Months Ended July 31,
											Non-Employee Directors
	Pension Plan						VIP Retirement Plan				Retirement Plan
	2013			2012			2013		2012		2013			2012
Service cost	$	—		$	—		$	—	$	—	$	—		$	—
Interest cost	322			325			83		88		4			5
Expected return on plan assets	(276		)	(245		)	—		—		—			—
Settlement cost	—			—			—		—		—			—
Amortization of prior service cost	—			—			—		—		—			—
Recognized net actuarial loss or (gain)	350			360			55		51		(3		)	—
Net periodic pension cost (income)	$	396		$	440		$	138	$	139	$	1		$	5

	Six Months Ended July 31,
											Non-Employee Directors
	Pension Plan						VIP Retirement Plan				Retirement Plan
	2013			2012			2013		2012		2013			2012
Service cost	$	—		$	—		$	—	$	—	$	—		$	—
Interest cost	644			650			166		176		8			10
Expected return on plan assets	(552		)	(490		)	—		—		—			—
Settlement cost	—			—			—		—		—			—
Amortization of prior service cost	—			—			—		—		—			—
Recognized net actuarial loss or (gain)	700			720			110		102		(6		)	—
Net periodic pension cost (income)	$	792		$	880		$	276	$	278	$	2		$	10