8. Employee Benefit Plans

We maintain three retirement plans for the benefit of certain former and current employees, including a supplemental retirement income plan (“SRIP”) for certain former and current employees of Hooker Furniture Corporation, as well as two plans for the benefit of certain and former employees of Pulaski Furniture Corporation, one of two entities combined to form Home Meridian International. These legacy pension plan obligations include:

§	the Pulaski Furniture Corporation Supplemental Executive Retirement Plan (“SERP”) for certain former executives. The SERP is an unfunded plan and all benefits are paid solely out of our general assets; and

§	the Pulaski Furniture Corporation Pension Plan (“Pension Plan”) for former Pulaski Furniture Corporation employees.

The SRIP, SERP and Pension Plan are all “frozen” and we do not expect to add additional employees to any of these plans in the future. Pension plan assets include a range of mutual fund asset classes and are measured at fair value using Level 1 inputs, which are quoted prices in active markets.

The consolidated liability for our retirement plan obligations at July 30, 2017 and January 29, 2017 are shown below and are shown in our condensed consolidated balance sheets as follows:

	July 30,		January 29,
	2017		2017
Accrued salaries, wages and benefits (current portions)
SRIP	$	473	$	473
SERP		221		221
Pension		-		-
Total current portion	$	694	$	694

Long-term portions
SRIP	$	8,548	$	8,372
SERP		2,006		2,081
Total deferred compensation*		10,554		10,453
Pension		3,008		3,499
Total deferred compensation and pension plans	$	13,562	$	13,952

Consolidated pension liabilities	$	14,256	$	14,646

*Total Deferred Compensation shown in the Long-Term Liabilities section of our Condensed Consolidated Balance Sheets is $11.0 million and $10.8 million at July 30, 2017 and January 29, 2017. These totals include the SRIP and SERP amounts shown in the table above, as well as miscellaneous additional long-term compensation-related items unrelated to these plans.

Components of net periodic benefit cost for the SRIP, SERP and Pension Plans are included in our condensed consolidated statements of income under selling and administrative expenses.

	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	July 30,			July 31,			July 30,			July 31,
	2017			2016			2017			2016
Net periodic benefit costs
SRIP:
Service cost	$	76		$	94		$	152		$	187
Interest cost		86			85			172			170
Actuarial loss (gain)		15			(18	)		31			(35	)
Total SRIP		177			161			355			322

SERP:
Interest cost		21			22			41			44
Total SERP		21			22			41			44

Pension Plan:
Interest cost		173			187			346			376
Expected return on pension plan assets		(234	)		(197	)		(467	)		(395	)
Expected administrative expenses		70			70			140			140
Total Pension Plan		9			60			19			121

Consolidated net periodic benefit costs	$	207		$	243		$	415		$	487

The expected long-term rate of return on Pension Plan assets is 7.0% as of the Pension Plan’s most recent valuation date of January 29, 2017.

We contributed $511,000 in required contributions to the Pension Plan in the first half of fiscal 2018. We expect to contribute an additional $265,000 in required contributions to the Pension Plan in the second half of fiscal 2018. The SRIP and SERP plans are unfunded plans. Consequently, we expect to pay a total of approximately $315,000 in benefit payments from our general assets during the remainder of fiscal 2018 to fund SRIP and SERP payments.