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BENEFIT PLANS
 4 Months Ended
May 22, 2021
BENEFIT PLANS  
BENEFIT PLANS

3.

BENEFIT PLANS

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The following table provides the components of net periodic benefit cost for the company-sponsored defined benefit pension plans and other post-retirement benefit plans for the first quarters of 2021 and 2020:

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First Quarter Ended

 

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Pension Benefits

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Other Benefits

 

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May 22,

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May 23,

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May 22,

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May 23,

 

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2021

    

2020

    

2021

    

2020

 

Components of net periodic benefit cost: 

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Service cost 

 

$

3

 

$

4

 

$

1

 

$

2

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Interest cost 

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32

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34

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1

​

 

2

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Expected return on plan assets 

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(53)

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(52)

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—

​

 

—

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Amortization of: 

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​

​

​

​

​

​

​

​

​

​

​

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Prior service cost 

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—

​

 

—

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(4)

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(4)

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Actuarial loss (gain)

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12

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11

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(6)

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(2)

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​

​

​

​

​

​

​

​

​

​

​

​

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Net periodic benefit cost 

 

$

(6)

 

$

(3)

 

$

(8)

 

$

(2)

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The Company is not required to make any contributions to its company-sponsored pension plans in 2021, but may make contributions to the extent such contributions are beneficial to the Company. The Company did not make any contributions to its company-sponsored pension plans in the first quarters of 2021 and 2020.

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The Company contributed $95 and $96 to employee 401(k) retirement savings accounts in the first quarters of 2021 and 2020, respectively.

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During the first quarter of 2021, associates within the Fred Meyer and QFC divisions ratified an agreement for the transfer of liabilities from the Sound Retirement Trust to the UFCW Consolidated Pension Plan. The Company will transfer $449, $344 net of tax, in net accrued pension liabilities and prepaid escrow funds, on a pre-tax basis, to fulfill obligations for past service for associates and retirees. The agreement will be satisfied by cash installment payments to the UFCW Consolidated Pension Plan and are expected to be paid evenly over seven years.