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Retirement Plans
 6 Months Ended
Jul. 31, 2012
Retirement Plans [Abstract]  
Retirement Plans

Note 10. Retirement Plans

The Company and its subsidiaries cover employees under a noncontributory defined benefit retirement plan, entitled the Virco Employees’ Retirement Plan (the “Pension 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 six months ended July 31, 2012 and 2011 were as follows (in thousands):

 

                                                 
    Three Months Ended July 31,  
                            Non-Employee Directors  
    Pension Plan     VIP Retirement Plan     Retirement Plan  
    2012     2011     2012     2011     2012     2011  

Service cost

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

Interest cost

     325       360       88       95       5       6  

Expected return on plan assets

     (245 )      (289 )      —         —         —         —    
             

Amortization of prior service cost

     —         —         —         —         —         —    

Recognized net actuarial loss or (gain)

     360       262       51       13       —         (10 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic pension cost (income)

   $ 440     $ 333     $ 139     $ 108     $ 5     $ (4 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                 
    Six Months Ended July 31,  
                            Non-Employee Directors  
    Pension Plan     VIP Retirement Plan     Retirement Plan  
    2012     2011     2012     2011     2012     2011  

Service cost

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

Interest cost

     650       720       176       190       10       12  

Expected return on plan assets

     (490 )      (578 )      —         —         —         —    
             

Amortization of prior service cost

     —         —         —         —         —         —    

Recognized net actuarial loss or (gain)

     720       524       102       26       —         (20 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic pension cost (income)

   $ 880     $ 666     $ 278     $ 216     $ 10     $ (8 )