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Pension
 3 Months Ended
Jul. 31, 2021
Pension  
Pension

19. Pension

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As part of the Telerob acquisition, the Company acquired a small foreign-based defined benefit pension plan. The Rheinmetall-Zusatzversorgung (“RZV”) service plan covers three employees based on individual contracts issued to the employees. No other employees are eligible to participate. In January 2011, reinsurance policies were taken out, which were pledged to the employees. The measurement date for the Company’s pension plan was May 3, 2021 in conjunction with the acquisition.

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The table below includes the projected benefit obligation and fair value of plan assets as of May 3, 2021. The net projected benefit obligation (in thousands) is recorded in other non-current liabilities.

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Projected benefit obligation

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$

(4,126)

Fair value of plan assets

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3,951

Unfunded status of the plan

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$

(175)

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The projected benefit obligation includes assumptions of a discount rate of 1% and pension increase for in-payment benefits of 1.5% for May 3, 2021 and July 31, 2021. The accumulated benefit obligation is approximately equal to our projected benefit obligation. The plan assets consist of reinsurance policies for each of the three pension commitments. The reinsurance policies are fixed-income investments considered a level 2 fair value hierarchy based on observable inputs of the policy. The Company does not expect to make any contributions to the Plan in the fiscal year ending April 30, 2022. The Company assumed expected return on plan assets of 2.15% for May 3, 2021 and July 31, 2021.

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Expected benefits paid as of May 3, 2021 (in thousands):

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2022

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$

182

2023

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183

2024

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183

2025

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184

2026

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184

2027-2031

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920

Total expected benefit payments

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$

1,836

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Net benefit income (in thousands) is recorded in interest (expense) income, net.

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Three Months Ended

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July 31,

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2021

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(In thousands)

Expected return on plan assets

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$

32

Interest cost

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(15)

Foreign currency exchange rate changes

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(66)

Net benefit income

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$

(49)

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