11. 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:

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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

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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. We settled all Pension Plan obligations during the quarter with the purchase of nonparticipating annuity contracts for plan participants. Consequently, we recognized a $520,000 settlement gain during the quarter, which is recorded in the “other income” line of our condensed consolidated statements of income. The $520,000 represented an amount recorded in accumulated other comprehensive income until the pension obligation was settled upon plan termination.

	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
	November 3,			October 28,			November 3,			October 28,
	2019			2018			2019			2018
Net periodic benefit costs
Service cost		26			81			78			243
Interest cost		204			206			613			618
Actuarial loss		37			43			111			129
Expected return on pension plan assets		(101	)		(144	)		(304	)		(431	)
Pension plan administrative expenses		98			70			293			210
Consolidated net periodic benefit costs	$	264		$	256		$	791		$	769

The SRIP and SERP plans are unfunded plans. We paid $171,000 in the third quarter and $520,000 in the first nine months. We expect to pay a total of approximately $164,000 in benefit payments from our general assets during the remainder of fiscal 2020 to fund SRIP and SERP payments.