Quarterly report pursuant to Section 13 or 15(d)

Defined Benefit Plan

v3.22.1
Defined Benefit Plan
3 Months Ended
Apr. 30, 2022
Defined Benefit Plan [Abstract]  
Defined Benefit Plan
Note 10. Defined Benefit Plan

The Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) for certain executive officers of the Company.  The SERP provides eligible executives defined pension benefits that supplement benefits under other retirement arrangements. As of February 28, 2020, no active employees were participants in the SERP. During the thirteen weeks ended April 30, 2022, the Company did not make any cash contributions to the SERP and presently expects to pay approximately $1.2 million in benefits relating to the SERP during fiscal 2022.

The measurement date for the SERP is the fiscal year end, using actuarial techniques which reflect estimates for mortality, turnover and expected retirement. In addition, management makes assumptions concerning future salary increases. Discount rates are generally established as of the measurement date using theoretical bond models that select high-grade corporate bonds with maturities or coupons that correlate to the expected payouts of the applicable liabilities.
 
The following represents the components of the net periodic pension cost related to the Company’s SERP for the respective periods:

   
Thirteen Weeks Ended
 

(amounts in thousands)
 
April 30,
2022
   
May 1,
2021
 
             
Interest cost
 
$
89
   
$
63
 
Net periodic pension cost
 
$
89
   
$
63