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Retirement Plans | 6 Months Ended
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Jul. 31, 2021
Retirement Benefits [Abstract] |
Retirement Plans | Retirement Plans The Company and its subsidiaries cover certain employees under a noncontributory defined benefit retirement plan, entitled the Virco Employees’ Retirement Plan (the “Pension Plan”). As more fully described in the Annual Report on Form 10-K, benefit accruals under the Employees Retirement Plan were frozen effective December 31, 2003. There is no service cost incurred under this plan. The Company also provides a supplementary retirement plan for certain key employees, the VIP Retirement Plan (the “VIP Plan”). As more fully described in the Annual Report on Form 10-K for the year ended January 31, 2021, benefit accruals under this plan were frozen since December 31, 2003. During the second quarter ended July 31, 2021, the Company, at the retirees request, paid lump-sum distributions for the related benefit obligations. As the amount of the lump-sum settlement exceeded the sum of the service and interest cost for the year, the distribution was treated as a settlement in accordance with U.S. GAAP, resulting in plan settlement loss of $220,000 recorded in pension expense in the accompanying condensed consolidated statements of operations and an actuarial gain on the plan re-measurement of $1,770,000, net of tax, recorded to accumulated other comprehensive income for the three and six-months ended July 31, 2021. The net periodic pension cost for the Pension Plan and the VIP Plan for the three and six months ended July 31, 2021 and 2020 were as follows:
| Combined Employee Retirement Plans
| Three Months Ended |  | Six Months Ended
| 7/31/2021 |  | 7/31/2020 |  | 7/31/2021 |  | 7/31/2020
| (in thousands)
Service cost | $ | — |  | $ | — |  | $ | — |  | $ | —
Interest cost | 280 |  | 301 |  | 561 |  | 602
Expected return on plan assets | (218) |  | (224) |  | (436) |  | (448)
Plan settlement | 220 |  | — |  | 220 |  | —
Amortization of prior service cost | — |  | — |  | — |  | —
Recognized net actuarial loss | 442 |  | 465 |  | 885 |  | 930
Benefit cost | $ | 724 |  | $ | 542 |  | $ | 1,230 |  |  | $ | 1,084 |
401(k) Retirement Plan The Company’s retirement plan, which covers all U.S. employees, allows participants to defer from 1% to 75% of their eligible compensation through a 401(k)-retirement program. The plan includes Virco stock as one of the investment options. At July 31, 2021 and 2020, the plan held 991,899 shares and 850,789 shares of Virco stock, respectively. For the three months ended July 31, 2021 and 2020, the compensation costs incurred for employer match, which is paid in the form of Company stock, was $207,000 and $195,000, respectively. For the six months ended July 31, 2021 and 2020, the compensation costs incurred for employer match, which is paid in the form of Company stock, was $391,000 and $405,000, respectively.

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- Definition The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6410195&loc=d3e80090-111668 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 + Details
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