Note G – Pension and Savings Plans

The components of net periodic pension expense related to the Company’s pension plans consisted of the following:


	Twelve Weeks Ended								Thirty-Six Weeks Ended
(in thousands)	May 5, 2018				May 6, 2017				May 5, 2018				May 6, 2017

Interest cost		$	2,390			$	2,385			$	7,170			$	7,155
Expected return on plan assets			(4,384	)			(4,628	)			(13,152	)			(13,885	)
Amortization of net loss			2,478				3,201				7,433				9,605

Net periodic pension expense		$	484			$	958			$	1,451			$	2,875

The Company makes contributions in amounts at least equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act of 2006. During the thirty-six week period ended May 5, 2018, the Company did not make contributions to its funded plans.

On December 19, 2017, the Board of Directors approved a resolution to terminate the Company’s pension plans, effective March 15, 2018. Benefit accruals were frozen, and the plans closed to new participants on January 1, 2003. The Company has commenced the plans’ termination process and expects to distribute a portion of the pension plans’ assets as lump sum payments to participants with the remaining balance transferred to an insurance company in the form of an annuity. The total payments distributed as lump sums will depend on the participation rate of eligible participants. The Company expects to record a one-time pre-tax charge of approximately $130 - $140 million in the fourth quarter of fiscal 2018, triggered by the termination of the plans. This charge includes the estimated $20 - $30 million in cash funding that will be required to fund the termination and the remainder will be non-cash in nature.