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Benefit Plans
6 Months Ended
Jul. 30, 2011
Benefit Plans
13. Benefit Plans
In February 2009, the Company announced its decision to discontinue future benefits being earned under its non-contributory defined benefit pension plan (“Pension Plan”) and Supplemental Executive Retirement Plan (“SERP”) effective May 1, 2009. Additionally, as of January 2011, the Company’s postretirement medical plan is completely self-funded. The Company continues to sponsor a separate executive postretirement medical plan.
The components of net pension expense for the Pension Plan for the thirteen and twenty-six weeks ended July 30, 2011 and July 31, 2010 are as follows:
                                 
    Thirteen Weeks Ended     Twenty-Six Weeks Ended  
    July 30,     July 31,     July 30,     July 31,  
    2011     2010     2011     2010  
    (In thousands)  
Interest expense on projected benefit obligation
  $ 2,478     $ 2,371     $ 4,941     $ 4,678  
Expected return on plan assets
    (2,441 )     (2,394 )     (4,884 )     (4,800 )
Net amortization and deferral
    208       139       417       244  
 
                       
Net pension expense
  $ 245     $ 116     $ 474     $ 122  
 
                       
The components of net SERP expense for the thirteen and twenty-six weeks ended July 30, 2011 and July 31, 2010 are as follows:
                                 
    Thirteen Weeks Ended     Twenty-Six Weeks Ended  
    July 30,     July 31,     July 30,     July 31,  
    2011     2010     2011     2010  
    (In thousands)  
Interest expense on projected benefit obligation
  $ 279     $ 288     $ 556     $ 554  
Net amortization and deferral
    27       20       53       27  
 
                       
Net SERP expense
  $ 306     $ 308     $ 609     $ 581  
 
                       
The components of net postretirement medical expense (credit) for the thirteen and twenty-six weeks ended July 30, 2011 and July 31, 2010 are as follows:
                                 
    Thirteen Weeks Ended     Twenty-Six Weeks Ended  
    July 30,     July 31,     July 30,     July 31,  
    2011     2010     2011     2010  
    (In thousands)  
Interest expense on accumulated postretirement benefit obligation
  $ 15     $ 17     $ 30     $ 35  
Prior service cost amortization
          (380 )           (760 )
Net amortization and deferral
    51       130       102       261  
 
                       
Net postretirement medical expense (credit)
  $ 66     $ (233 )   $ 132     $ (464 )
 
                       
The Company was required to make contributions to the Pension Plan of $1.9 million and $1.0 million during the thirteen weeks ended July 30, 2011 and July 31, 2010, respectively, and $3.8 million and $2.0 million during the twenty-six weeks ended July 30, 2011 and July 31, 2010, respectively. The Company expects to make required contributions of $7.9 million to the Pension Plan during the remainder of 2011. The Company did not make any voluntary contributions to the Pension Plan during the thirteen or twenty-six weeks ended July 30, 2011 and July 31, 2010.