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Employee Benefit Plans
9 Months Ended
Nov. 01, 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

   

Thirty-Nine Weeks Ended

 
   

November 1,

   

November 3,

   

November 1,

   

November 3,

 
   

2020

   

2019

   

2020

   

2019

 

Net periodic benefit costs

                               

      Service cost

    32       26       96       78  

      Interest cost

    74       204       222       613  

      Actuarial loss

    84       37       253       111  

      Expected return on pension plan assets

    -       (101 )     -       (304 )

      Pension plan administrative expenses

    -       98       -       293  

Consolidated net periodic benefit costs

  $ 190     $ 264     $ 571     $ 791  

 

The SRIP and SERP plans are unfunded plans. In fiscal 2021, we paid $179,000 in the third quarter and $538,000 in the first nine months and expect to pay a total of approximately $191,000 in benefit payments from our general assets during the remainder of fiscal 2021 to fund SRIP and SERP payments.