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Retirement Plans
 9 Months Ended
Oct. 31, 2011
Retirement Plans [Abstract]  
Retirement Plans

Note 10. Retirement Plans

The Company and its subsidiaries cover all employees under a noncontributory defined benefit retirement plan, entitled the Virco Employees’ Retirement Plan (the “Employees Retirement Plan”). Benefits under the Employees Retirement Plan are based on years of service and career average earnings. As more fully described in the Form 10-K, benefit accruals under the Employees Retirement Plan were frozen effective December 31, 2003.

The Company also provides a supplementary retirement plan for certain key employees, the VIP Retirement Plan (the “VIP Plan”). The VIP Plan provides a benefit of up to 50% of average compensation for the last five years in the VIP Plan, offset by benefits earned under the Employees Retirement Plan. As more fully described in the Form 10-K, benefit accruals under this plan were frozen effective December 31, 2003.

The Company also provides a non-qualified plan for non-employee directors of the Company (the “Non-Employee Directors Retirement Plan”). The Non-Employee Directors Retirement Plan provides a lifetime annual retirement benefit equal to the director’s annual retainer fee for the fiscal year in which the director terminates his or her position with the Board, subject to the director providing 10 years of service to the Company. As more fully described in the Form 10-K, benefit accruals under this plan were frozen effective December 31, 2003.

The net periodic pension costs (income) for the Employees Retirement Plan, the VIP Plan, and the Non-Employee Directors Retirement Plan for the three and nine months each ended October 31, 2011 and 2010 were as follows (in thousands):

 

                                                 
    Three Months Ended October 31,  
    Employees Retirement Plan     VIP Plan     Non-Employee Directors
Retirement Plan		  
    2011     2010     2011     2010     2011     2010  

Service cost

   $ —       $ —       $ —       $ —       $ —       $ —    

Interest cost

     360       352       95       87       6       6  

Expected return on plan assets

     (289 )      (262 )      —         —         —         —    

Amortization of prior service cost

     —         243       13       —         —         —    

Settlement cost

     1,435       —         —         —         —         —    

Recognized net actuarial loss or (gain)

     262       —         —         —         (10 )      (7 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic pension cost (benefit)

   $ 1,768     $ 333     $ 108     $ 87     $ (4 )    $ (1 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

                                                 
    Nine Months Ended October 31,  
    Employees Retirement Plan     VIP Plan    

Non-Employee Directors

Retirement Plan

  
    2011     2010     2011     2010     2011     2010  

Service cost

   $ —       $ —       $ —       $ —       $ —       $ —    

Interest cost

     1,080       1,056       285       261       18       18  

Expected return on plan assets

     (867 )      (786 )      —         —         —         —    

Amortization of prior service cost

     —         729       39       —         —         —    

Settlement cost

     1,435       —         —         —         —         —    

Recognized net actuarial loss or (gain)

     786       —         —         —         (30 )      (21 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic pension cost (benefit)

   $ 2,434     $ 999     $ 324     $ 261     $ (12 )    $ (3 )