Employee Benefit Plans

12 Months Ended

Oct. 31, 2016

Compensation and Retirement Disclosure [Abstract]

7. Employee Benefit Plans

We sponsor five defined contribution retirement plans for salaried and hourly employees. Expenses for these plans approximated $984,000, $922,000, and $943,000 for fiscal years 2016, 2015 and 2014, which are included in selling, general and administrative expenses in the accompanying financial statements.

We also sponsor a non-qualified defined benefit plan for two retired executives. Pension expenses, including actuarial losses, approximated $8,000, $10,000 and $9,000 for the year ended October 31, 2016, 2015, and 2014. These amounts are included in selling, general and administrative expenses in the accompanying financial statements.

Components of the change in projected benefit obligation for fiscal year ends consist of the following (in thousands):


	2016		2015
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	215	$	196
Interest cost		8		7
Actuarial loss		9		48
Benefits paid		(37)		(36)
Projected benefit obligation at end of year (unfunded)	$	195	$	215

The following is a reconciliation of the unfunded status of the plans at fiscal year ends included in accrued expenses (in thousands):


	2016		2015

Projected benefit obligation	$	195	$	215
Unrecognized net (gain) loss		-		-
Recorded pension liabilities	$	195	$	215

Significant assumptions used in the determination of pension expense consist of the following:


	2016		2015
Discount rate on projected benefit obligation	3.7	%	4.3	%