Retirement and Savings Plans

9 Months Ended

Nov. 30, 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, all of which are frozen, 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 November 30,
	2012			2011			2012			2011
Service Cost	$	—		$	—		$	6		$	5
Interest Cost		146			174			19			21
Amortization of Unrecognized Prior Service Cost		—			—			(69	)		(69	)
Expected Return on Plan Assets		(143	)		(124	)		—			—
Amortization of Net Loss		164			120			49			47
Total Net Periodic Benefit Cost	$	167		$	170		$	5		$	4

	Pension Benefits						Other Benefits
(in thousands)	Nine Months Ended November 30,
	2012			2011			2012			2011
Service Cost	$	—		$	—		$	17		$	15
Interest Cost		437			508			58			64
Amortization of Unrecognized Prior Service Cost		—			—			(207	)		(207	)
Expected Return on Plan Assets		(428	)		(433	)		—			—
Amortization of Net Loss		491			323			147			141
Total Net Periodic Benefit Cost		500		$	398		$	15		$	13

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 2012. As of November 30, 2012, $1.1 million of contributions/payments have been made toward the pension plans and less than $0.2 million of net contributions/payments have been made to the other post-retirement plans; the increase in payments to other post-retirement plans is due to higher than usual health-care claim activity in fiscal 2013.