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EMPLOYEE DEFINED AND POSTRETIREMENT BENEFIT PLANS
9 Months Ended
Nov. 02, 2013
EMPLOYEE DEFINED AND POSTRETIREMENT BENEFIT PLANS  
EMPLOYEE DEFINED AND POSTRETIREMENT BENEFIT PLANS

7.                                      EMPLOYEE DEFINED AND POSTRETIREMENT BENEFIT PLANS

 

The Company provides benefits to certain current and former associates who are eligible under a qualified defined benefit pension plan and various non-qualified supplemental pension plans (collectively, the “Pension Plans”).  Net periodic benefit expense for the Pension Plans includes the following (income) and expense components:

 

 

 

THIRTEEN

 

THIRTY-NINE

 

 

 

WEEKS ENDED

 

WEEKS ENDED

 

 

 

November 2,

 

October 27,

 

November 2,

 

October 27,

 

 

 

2013

 

2012

 

2013

 

2012

 

Interest cost

 

$

1,997

 

$

2,116

 

$

5,994

 

$

6,350

 

Expected return on plan assets

 

(2,235

)

(2,157

)

(6,706

)

(6,471

)

Recognition of net actuarial loss

 

1,642

 

1,689

 

4,925

 

5,068

 

Net periodic benefit expense

 

$

1,404

 

$

1,648

 

$

4,213

 

$

4,947

 

 

During the 39 weeks ended November 2, 2013, contributions of $11,198 were made to the Pension Plans.  The Company anticipates contributing an additional $2,009 to fund the Pension Plans in fiscal 2013 for an annual total of $13,207.

 

The Company also provides medical and life insurance benefits to certain former associates under a postretirement benefit plan (“Postretirement Benefit Plan”).  Net periodic benefit income for the Postretirement Benefit Plan includes the following (income) and expense components:

 

 

 

THIRTEEN

 

THIRTY-NINE

 

 

 

WEEKS ENDED

 

WEEKS ENDED

 

 

 

November 2,

 

October 27,

 

November 2,

 

October 27,

 

 

 

2013

 

2012

 

2013

 

2012

 

Interest cost

 

$

30

 

$

35

 

$

91

 

$

106

 

Recognition of net actuarial gain

 

(91

)

(93

)

(272

)

(280

)

Net periodic benefit income

 

$

(61

)

$

(58

)

$

(181

)

$

(174

)

 

During the 39 weeks ended November 2, 2013, the Company contributed $153 to fund the Postretirement Benefit Plan, and anticipates contributing an additional $437 in fiscal 2013 for a net annual total of $590.