Retirement Plans

6 Months Ended

Jul. 31, 2015

Compensation and Retirement Disclosure [Abstract]

The Company and its subsidiaries cover certain 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 5 years in the VIP Plan, offset by benefits earned under the Pension 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 certain former 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 terminated his or her position with the Board, subject to the director having provided 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 cost (income) for the Pension Plan, the VIP Plan, and the Non-Employee Directors Retirement Plan for the three months and six months ended July 31, 2015 and 2014 were as follows (in thousands):



	Three Months Ended
	Pension Plan						VIP Plan				Non-Employee Directors Retirement Plan
	7/31/2015			7/31/2014			7/31/2015		7/31/2014		7/31/2015		7/31/2014
Service cost	$	—		$	—		$	—	$	—	$	—	$	—
Interest cost	324			315			105		88		3		4
Expected return on plan assets	(324		)	(275		)	—		—		—		—
Amortization of transition amount	—			—			—		—		—		—
Recognized (gain) loss due to curtailments	—			—			—		—		—		—
Amortization of prior service cost	—			—			—		—		—		—
Recognized net actuarial (gain) loss	375			284			120		45		—		(8		)
Benefit cost	$	375		$	324		$	225	$	133	$	3	$	(4	)



	Six Months Ended
	Pension Plan						VIP Plan				Non-Employee Directors Retirement Plan
	7/31/2015			7/31/2014			7/31/2015		7/31/2014		7/31/2015		7/31/2014
Service cost	$	—		$	—		$	—	$	—	$	—	$	—
Interest cost	648			630			210		176		6		8
Expected return on plan assets	(648		)	(550		)	—		—		—		—
Amortization of transition amount	—			—			—		—		—		—
Recognized (gain) loss due to curtailments	—			—			—		—		—		—
Amortization of prior service cost	—			—			—		—		—		—
Recognized net actuarial (gain) loss	750			568			240		90		—		(16		)
Benefit cost	$	750		$	648		$	450	$	266	$	6	$	(8	)