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Employee Benefit Plans
 6 Months Ended
Aug. 02, 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

    

Twenty-Six Weeks Ended

  
   

August 2,

    

August 4,

    

August 2,

    

August 4,

  
   

2020

    

2019

    

2020

    

2019

  

Net periodic benefit costs

                                

      Service cost

     32       26       64       52  

      Interest cost

     74       204       148       409  

      Actuarial loss

     84       37       169       74  

      Expected return on pension plan assets

     -       (101 )     -       (202 )

      Expected administrative expenses

     -       98       -       195  
                                 

Consolidated net periodic benefit costs

   $ 190     $ 264     $ 381     $ 528  

 

The SRIP and SERP plans are unfunded plans. In fiscal 2021, we paid $181,000 in the second quarter and $359,000 in the first half and expect to pay a total of approximately $370,000 in benefit payments from our general assets during the remainder of fiscal 2021 to fund SRIP and SERP payments.