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Employee Benefit Plans
 3 Months Ended
May 03, 2020
Retirement Benefits [Abstract]  
Retirement Benefits [Text Block]

10.     Employee Benefit Plans


We maintain two “frozen” retirement plans, which are paying benefits and may include active employees among the participants. We do not expect to add participants to these plans in the future. The two plans include:


 

■

a supplemental retirement income plan (“SRIP”) for certain former and current executives of Hooker Furniture Corporation; and

 

■

the Pulaski Furniture Corporation Supplemental Executive Retirement Plan (“SERP”) for certain former executives.

   

Thirteen Weeks Ended

  
   

May 3,

    

May 5,

  
   

2020

    

2019

  

Net periodic benefit costs

                

      Service cost

     32       26  

      Interest cost

     74       205  

      Actuarial loss

     84       37  

      Expected return on pension plan assets

     -       (101 )

      Expected administrative expenses

     -       97  
                 

Consolidated net periodic benefit costs

   $ 190     $ 264  

The SRIP and SERP plans are unfunded plans. We paid $178,000 in the first quarter of fiscal 2021 and expect to pay a total of approximately $551,000 in benefit payments from our general assets during the remainder of fiscal 2021 to fund SRIP and SERP payments.