Retirement and Savings Plans

3 Months Ended

May 31, 2012

Retirement and Savings Plans

(11) Retirement and Savings Plans. The Company has one defined contribution retirement plan qualifying under the Internal Revenue Code Section 401(k): The Material Sciences Savings & Investment Plan (the “SIP”). All MSC employees can elect to participate in the SIP.

MSC also has non-contributory defined benefit pension plans and other postretirement plans for certain of its employees. The following table provides the components of net periodic benefit cost for the Company’s defined benefit plans and other post-retirement plans.

	Pension Benefits						Other Benefits
(in thousands)	Three Months Ended May 31,
	2012			2011			2012			2011
Service Cost	$	—		$	—		$	6		$	5
Interest Cost		146			167			19			21
Amortization of Unrecognized Prior Service Cost		—			—			(69	)		(69	)
Expected Return on Plan Assets		(143	)		(154	)		—			—
Amortization of Net Loss		164			101			49			47
Total Net Periodic Benefit Cost	$	167		$	114		$	5		$	4

MSC previously disclosed in the notes to its financial statements for the year ended February 29, 2012, that it expected to contribute $1.5 million toward its qualified and nonqualified defined benefit pension plans and $0.1 million toward its other post-retirement benefit plans other than pension plans in fiscal 2013. As of May 31, 2012, $0.3 million of contributions/payments have been made toward the pension plans and $20 thousand of net contributions/payments have been made to the other post-retirement plans.