Retirement Plans

3 Months Ended

Jan. 31, 2020

The Limoneira Company Retirement Plan (the “Plan”) is a noncontributory, defined benefit, single employer pension plan, which provides retirement benefits for all eligible employees. Benefits paid by the Plan are calculated based on years of service, highest five-year average earnings, primary Social Security benefit and retirement age. Effective June 2004, the Company froze the Plan and no additional benefits accrued to participants subsequent to that date.

The Plan is funded consistent with the funding requirements of federal law and regulations. There were funding contributions of zero and $150,000 during the three months ended January 31, 2020 and 2019, respectively.

The components of net periodic pension cost for the Plan for the three months ended January 31, 2020 and 2019 were as follows (in thousands):



	Three Months Ended January 31,
	2020			2019
Administrative expenses	$	70		$	47
Interest cost	160			207
Expected return on plan assets	(248		)	(272		)
Prior service cost	11			11
Recognized actuarial loss	185			101
Net periodic benefit cost	$	178		$	94