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NOTE 10 - Employee Benefit Plans | 6 Months Ended
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Aug. 04, 2019
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefits Disclosure [Text Block] |
10. | 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, which we assumed when we acquired the business of 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 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 participants to any of these plans in the future. On January 30, 2019, our Board of Directors voted to terminate the Pension Plan. Pension Plan termination is an eighteen to twenty-four-month process, that involves seeking certain approvals from both the IRS and PBGC. Once we receive the appropriate approvals, an insurance company will be selected to provide annuities for participants at an amount equal to their current monthly pension benefit. Upon settlement of the pension liability, we will reclassify the related pension losses currently recorded in accumulated other comprehensive loss, to the consolidated statements of operations. We expect to record pension settlement expenses and excess costs, if any, to terminate the plan. We do not expect these expenses and costs to be material. As of August 4, 2019, current Pension Plan assets are invested in bond funds and are measured at fair value using Level 1 inputs, which are quoted prices in active markets.
|  | Thirteen Weeks Ended |  |  | Twenty-Six Weeks Ended |
|  | August 4, |  |  | July 29, |  |  | August 4, |  |  | July 29, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Net periodic benefit costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  |  | 26 |  |  |  | 81 |  |  |  | 52 |  |  |  | 163 |
Interest cost |  |  | 204 |  |  |  | 206 |  |  |  | 409 |  |  |  | 413 |
Actuarial loss |  |  | 37 |  |  |  | 43 |  |  |  | 74 |  |  |  | 86 |
Expected return on pension plan assets |  |  | (101 | ) |  |  | (144 | ) |  |  | (202 | ) |  |  | (288 | )
Expected administrative expenses |  |  | 98 |  |  |  | 70 |  |  |  | 195 |  |  |  | 140 |
Consolidated net periodic benefit costs |  | $ | 264 |  |  | $ | 256 |  |  | $ | 528 |  |  | $ | 514 |
The expected long-term rate of return on Pension Plan assets is 3.8% as of the Pension Plan’s most recent valuation date of February 3, 2019. The SRIP and SERP plans are unfunded plans. We paid $171,000 in the second quarter and $349,000 in the first half. We expect to pay a total of approximately $335,000 in benefit payments from our general assets during the remainder of fiscal 2020 to fund SRIP and SERP payments.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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