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Benefit Plans
9 Months Ended
Oct. 29, 2011
Benefit Plans
14. 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 thirteen and thirty-nine weeks ended October 29, 2011 and October 30, 2010 are as follows:
                                 
    Thirteen Weeks Ended     Thirty-Nine Weeks Ended  
    October 29,     October 30,     October 29,     October 30,  
    2011     2010     2011     2010  
    (In thousands)  
Interest expense on projected benefit obligation
  $ 2,513     $ 2,371     $ 7,454     $ 7,049  
Expected return on plan assets
    (2,435 )     (2,394 )     (7,319 )     (7,194 )
Net amortization and deferral
    206       139       623       383  
 
                       
Net pension expense
  $ 284     $ 116     $ 758     $ 238  
 
                       
The components of net SERP expense for the thirteen and thirty-nine weeks ended October 29, 2011 and October 30, 2010 are as follows:
                                 
    Thirteen Weeks Ended     Thirty-Nine Weeks Ended  
    October 29,     October 30,     October 29,     October 30,  
    2011     2010     2011     2010  
    (In thousands)  
Interest expense on projected benefit obligation
  $ 285     $ 288     $ 841     $ 842  
Net amortization and deferral
    29       20       82       47  
 
                       
Net SERP expense
  $ 314     $ 308     $ 923     $ 889  
 
                       
The components of net postretirement medical expense (credit) for the thirteen and thirty-nine weeks ended October 29, 2011 and October 30, 2010 are as follows:
                                 
    Thirteen Weeks Ended     Thirty-Nine Weeks Ended  
    October 29,     October 30,     October 29,     October 30,  
    2011     2010     2011     2010  
            (In thousands)          
Interest expense on accumulated postretirement benefit obligation
  $ 16     $ 17     $ 46     $ 52  
Prior service cost amortization
          (380 )           (1,140 )
Net amortization and deferral
    50       130       152       391  
 
                       
Net postretirement medical expense (credit)
  $ 66     $ (233 )   $ 198     $ (697 )
 
                       
The Company was required to make contributions to the Pension Plan of $5.6 million and $1.6 million during the thirteen weeks ended October 29, 2011 and October 30, 2010, respectively, and $9.3 million and $3.6 million during the thirty-nine weeks ended October 29, 2011 and October 30, 2010, respectively. The Company expects to make required contributions of $1.8 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 thirty-nine weeks ended October 29, 2011 and October 30, 2010.