9. EMPLOYEE BENEFIT PLANS

The Company provides eligible employees with retirement benefits under a 401(k) salary reduction and employer contribution plan (the "Plan"). Employees become eligible to receive company contributions after they reach the age of 18, complete one year of service and have worked 1,000 hours in their first year of service or, if not, in any calendar year thereafter. Participants are eligible to receive a company matching contribution if they have contributed match eligible pre-tax dollars to the Plan and are employed on the last day of the Plan year with exceptions for retirement, death and disability. The company matching contributions consist of two parts: a match based on an employee's years of service and a profit sharing match. Under the Plan provisions, the majority of eligible employees are permitted to contribute up to 50% of their compensation to the Plan. Employees are permitted to begin non-matching contributions to the Plan after three months of service in a benefit status position. Employees are permitted to begin match-eligible contributions to the Plan after they complete one year of service and have worked 1,000 hours in their first year of service or, if not, in any calendar year thereafter. Employees are automatically enrolled to contribute 3% of pay unless the employee actively modifies or declines the election. Company matching contributions, not to exceed 6% of eligible employees' compensation, are at the discretion of the Company. Company matching contributions under the Plan become fully vested for eligible employees after three years of service in which the employee works 1,000 hours annually.

The Plan also allows for a company retirement contribution. Participants are eligible to receive a company retirement contribution in the Plan if they have worked 1,000 hours in the calendar year and are employed on the last day of the Plan year. Company retirement contributions made during 2008 and beyond become fully vested after three years of service.

The Company's 2015, 2014 and 2013 expense under the Plan was $0, $1,571 and $1,546, respectively. Pursuant to the provisions of the Plan, the Company determined that no company matching contribution or retirement contribution would be made for 2015, and that only a company matching contribution would be made for 2014 and 2013.

The Company provides a non-qualified defined benefit supplementary pension plan to certain former key executives. Former employees became 100% vested in the plan benefits after achieving a specific age as defined in each employee's agreement. The benefits from this unfunded plan are paid upon retirement, providing the employee is age 60.

In addition, as a result of an acquisition, the Company assumed a liability for a non-qualified defined benefit supplementary pension plan. The benefits from this unfunded plan are paid upon retirement, provided that the participant is age 65 or older. All participants in this plan are fully vested.

As part of an acquisition, the Company acquired a qualified defined benefit pension plan and an unfunded non-qualified defined benefit supplemental pension plan. In connection with the acquisition, all future benefit accruals in the qualified defined benefit plan were frozen. The qualified defined benefit pension plan is also closed to new participants.

The Company also acquired an unfunded postretirement benefit plan as part of an acquisition. The unfunded postretirement plan provides medical and life insurance benefits. The medical portion of the plan is contributory, and contains cost-sharing features such as deductibles and co-insurance. The life insurance benefits of this plan are noncontributory.

Benefit obligations, fair value of plan assets and funded status of the plans are as follows:

	Pension Benefits						Medical and Life Insurance Benefits
	2015			2014			2015			2014
Change in benefit obligation:
Benefit obligation at beginning of year	$	220,537		$	198,360		$	2,172		$	2,322
Interest cost		6,803			7,990			63			89
Participant contributions		—			—			69			82
Benefits paid		(14,826	)		(17,997	)		(206	)		(272	)
Actuarial (gain) loss		(16,914	)		32,184			(302	)		(49	)

Benefit obligation at end of year		195,600			220,537			1,796			2,172

Change in the fair value of plan assets:
Plan assets at beginning of year		151,824			147,994			—			—
Actual return on plan assets		(6,714	)		8,882			—			—
Company contributions		10,418			12,945			137			190
Participant contributions		—			—			69			82
Benefits paid		(14,826	)		(17,997	)		(206	)		(272	)

Plan assets at end of year		140,702			151,824			—			—

Funded status	$	(54,898	)	$	(68,713	)	$	(1,796	)	$	(2,172	)

Amounts recognized in the consolidated balance sheets consist of:

	Pension Benefits						Medical and Life Insurance Benefits
	2015			2014			2015			2014
Accrued expenses	$	(702	)	$	(701	)	$	(327	)	$	(355	)
Other long-term liabilities		(54,196	)		(68,012	)		(1,469	)		(1,817	)

Net amount recognized	$	(54,898	)	$	(68,713	)	$	(1,796	)	$	(2,172	)

Amounts recognized in accumulated other comprehensive income or loss ("AOCI") consist of:

	Pension Benefits				Medical and Life Insurance Benefits
	2015		2014		2015			2014
Net actuarial loss (gain):
Gross amount recognized	$	69,720	$	77,073	$	(2,165	)	$	(2,289	)
Deferred tax expense		8,343		5,346		224			275

Net amount recognized	$	78,063	$	82,419	$	(1,941	)	$	(2,014	)

The accumulated benefit obligation for all of the defined benefit and supplemental pension plans was $195,600 and $220,537 at January 30, 2016 and January 31, 2015, respectively. The benefit obligation and the accumulated benefit obligation for each of the pension benefit plans exceeded its assets at January 30, 2016 and January 31, 2015.

Components of net periodic benefit expense (income) and other amounts recognized in other comprehensive income or loss ("OCI") before income taxes are as follows:

	Pension Benefits									Medical and Life Insurance Benefits
	2015			2014			2013			2015			2014			2013
Net periodic benefit expense (income):
Interest cost	$	6,803		$	7,990		$	7,993		$	63		$	89		$	122
Expected return on plan assets		(9,639	)		(9,959	)		(8,942	)		—			—			—
Recognition of net actuarial loss (gain)		6,791			3,774			6,566			(426	)		(519	)		(363	)

Net periodic benefit expense (income)		3,955			1,805			5,617			(363	)		(430	)		(241	)

Other changes in plan assets and benefit obligations recognized in OCI, before taxes:
Actuarial net (gain) loss		(562	)		33,261			(17,013	)		(302	)		(49	)		(1,064	)
Recognition of net actuarial (loss) gain		(6,791	)		(3,774	)		(6,566	)		426			519			363

Total recognized in OCI, before taxes		(7,353	)		29,487			(23,579	)		124			470			(701	)

Total recognized in net periodic cost and OCI, before taxes	$	(3,398	)	$	31,292		$	(17,962	)	$	(239	)	$	40		$	(942	)

The Company estimates the following amounts will be amortized from AOCI to net periodic cost during 2016:

		Pension Benefits			Medical and Life Insurance Benefits
Net actuarial loss (gain)		$	6,286		$	(431	)

Weighted average assumptions used to determine benefit obligations are as follows:

	Pension Benefits						Medical and Life Insurance Benefits
	2015			2014			2015			2014
Discount rate		3.80	%		3.20	%		3.80	%		3.20	%
Rate of compensation increase		N/A			N/A			N/A			N/A

Weighted average assumptions used to determine net periodic benefit expense (income) are as follows:

	Pension Benefits									Medical and Life Insurance Benefits
	2015			2014			2013			2015			2014			2013
Discount rate		3.20	%		4.20	%		3.80	%		3.20	%		4.20	%		3.80	%
Expected long-term return on plan assets		6.50	%		6.80	%		6.60	%		N/A			N/A			N/A
Rate of compensation increase		N/A			N/A			N/A			N/A			N/A			N/A

For measurement of the medical and life insurance benefits plan, the Company assumed a 6.0% annual rate of increase in the per capita cost of covered health care benefits for 2016, grading down to 5.0% by 2018.

Assumed health care cost trend rate can have a significant effect on the amounts reported for the postretirement health care plan. A one-percentage point change in assumed health care costs would have the following effects:

	One-Percentage Point Increase		One-Percentage Point Decrease
Effect on total service and interest cost components	$	3	$	(3	)
Effect on postretirement benefit obligation		74		(65	)

The Company's discount rate assumption is evaluated annually. The Company utilizes the Citibank Pension Discount Curve to develop its discount rate assumption. A single constant discount rate is developed based on the expected timing of the benefit payments.

The Company bases its asset return assumption on current and expected allocations of assets, as well as a long-term view of expected returns on the plan asset categories. The Company assesses the appropriateness of the expected rate of return on an annual basis and, when necessary, revises the assumption.

At January 30, 2016, the Company's target pension plan asset allocation was 49% equity securities, 41% debt securities and 10% hedge funds. Investment objectives for the pension plan assets include:


	•	Providing a long-term return on plan assets that provides sufficient assets to fund pension plan liabilities at an acceptable level of risk.
	•	Attempting to achieve a consistent, above-average rate of return through appreciation, income and reinvestment of funds consistent with a reasonable level of growth.
	•	Diversifying investments within asset classes to reduce the impact of losses in a single investment.

The weighted average pension plan asset allocation is as follows:

	2015			2014
Cash and cash equivalents		1	%		2	%
Equity securities		47	%		47	%
Debt securities		42	%		41	%
Hedge funds		10	%		10	%

The fair value of each class of the pension plan assets as of January 30, 2016 is as follows:

	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	686	$	—	$	686	$	—
Equity securities:
U.S. large-cap companies—diversified sectors		7,858		7,858		—		—
U.S. small-cap companies—diversified sectors		2,457		2,457		—		—
Real estate investment trust companies		427		427		—		—
Mutual funds:
Fixed income(1)		4,849		4,849		—		—
International emerging economies fixed income		4,848		4,848		—		—
Floating rate debt securities		3,771		3,771		—		—
Real estate investment trust companies		4,459		4,459		—		—
Pooled funds(2)(3):
U.S. large-cap equity		16,160		—		—		—
U.S. small-cap equity		1,191		—		—		—
International small-cap equity		4,208		—		—		—
International developed economies equity		15,401		—		—		—
International emerging economies equity		7,058		—		—		—
Multi-strategy equity		7,256		—		—		—
Fixed income(1)		45,478		—		—		—
Multi-strategy hedge funds(3)(4)		14,595		—		—		—

Total	$	140,702	$	28,669	$	686	$	—


(1)	Primarily invested in U.S. government securities, municipals, mortgage-backed securities and investment grade and high yield bonds.
(2)	Certain investments in this category are subject to monthly redemption frequency restrictions, subject to 10 day advance notification requirements. Pooled funds consist primarily of common collective trust, limited partnerships and 103-12 investment entities.
(3)	Investments are measured at fair value using the net asset per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit a reconciliation of the fair value hierarchy to the pension plan assets.
(4)	These investments are subject to quarterly redemption frequency restrictions, subject to advance notification requirements ranging from 60 to 91 days.

The fair value of each class of the pension plan assets as of January 31, 2015 is as follows:

	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	3,369	$	11	$	3,358	$	—
Equity securities:
U.S. large-cap companies—diversified sectors		9,472		9,472		—		—
U.S. small-cap companies—diversified sectors		3,365		3,365		—		—
Real estate investment trust companies		446		446		—		—
Mutual funds:
Fixed income(1)		5,059		5,059		—		—
International emerging economies fixed income		5,394		5,394		—		—
Floating rate debt securities		3,888		3,888		—		—
Real estate investment trust companies		4,841		4,841		—		—
Pooled funds(2)(3):
U.S. large-cap equity		19,933		—		—		—
U.S. small-cap equity		1,323		—		—		—
International small-cap equity		4,321		—		—		—
International developed economies equity		19,002		—		—		—
International emerging economies equity		8,785		—		—		—
Fixed income(1)		47,576		—		—		—
Multi-strategy hedge funds(3)(4)		15,050		—		—		—

Total	$	151,824	$	32,476	$	3,358	$	—


(1)	Primarily invested in U.S. government securities, municipals, mortgage-backed securities and investment grade and high yield bonds.
(2)	Certain investments in this category are subject to monthly redemption frequency restrictions, subject to 10 day advance notification requirements. Pooled funds consist primarily of common collective trust, limited partnerships and 103-12 investment entities.
(3)	Investments are measured at fair value using the net asset per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit a reconciliation of the fair value hierarchy to the pension plan assets.
(4)	These investments are subject to a quarterly redemption frequency restrictions, subject to advance notification requirements ranging from 60 to 91 days.

The pooled funds and hedge funds are valued using the NAV provided by the administrator of the funds. The NAV is a quoted transactional price for participants in the fund, based on the underlying investments of the fund. The pension plan assets are invested in compliance with the Employee Retirement Income Security Act, as amended, and any subsequent regulations and laws. The Company does not permit direct purchases of its securities by the pension plan.

Information about the expected cash flows related to the pension and other postretirement benefit plans is as follows:

	Pension Benefits		Medical and Life Insurance Benefits
Expected company contributions in 2016	$	702	$	327
Expected plan benefit payments (net of expected participant contributions) for year:
2016	$	15,422	$	327
2017		14,539		284
2018		13,980		244
2019		13,264		208
2020		12,682		176
2021 - 2025		59,717		538