EMPLOYEE DEFINED AND POSTRETIREMENT BENEFIT PLANS
 3 Months Ended
Apr. 29, 2017
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

 

 

 

WEEKS ENDED

 

 

 

April 29,

 

April 30,

 

 

 

2017

 

2016

 

Interest cost

 

$
1,666

 

$
1,785

 

Expected return on plan assets

 
(1,934

)
(2,100

)

Recognition of net actuarial loss

 
1,407

 
1,571

 

 

 

 

 

 

 

Net periodic benefit expense

 

$
1,139

 

$
1,256

 

 

 

 

 

 

 

 

 

 

During the 13 weeks ended April 29, 2017, contributions of $152 were made to the Pension Plans.  The Company anticipates contributing an additional $403 to fund the Pension Plans in fiscal 2017 for an annual total of $555.

 

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

 

 

 

WEEKS ENDED

 

 

 

April 29,

 

April 30,

 

 

 

2017

 

2016

 

Interest cost

 

$
13

 

$
15

 

Recognition of net actuarial gain

 
(123

)
(107

)

 

 

 

 

 

 

Net periodic benefit income

 

$
(110

)

$
(92

)

 

 

 

 

 

 

 

 

 

During the 13 weeks ended April 29, 2017, the Company contributed $26 to fund the Postretirement Benefit Plan, and anticipates contributing an additional $241 to fund the Postretirement Benefit Plan in fiscal 2017, for an annual total of $267.