Quarterly report pursuant to Section 13 or 15(d)

Benefit Plans

v3.21.1
Benefit Plans
3 Months Ended
May 01, 2021
Pension And Other Postretirement Benefit Expense [Abstract]  
Benefit Plans

6.

Benefit Plans

The Company has defined contribution plans which cover substantially all colleagues who work 1,000 hours or more in a year. In addition, the Company has a funded defined benefit plan ("Pension Plan") and an unfunded defined benefit supplementary retirement plan ("SERP"), which provides benefits, for certain colleagues, in excess of qualified plan limitations. Effective January 1, 2012, the Pension Plan was closed to new participants, with limited exceptions, and effective January 2, 2012, the SERP was closed to new participants.

In February 2013, the Company announced changes to the Pension Plan and SERP whereby eligible colleagues no longer earn future pension service credits after December 31, 2013, with limited exceptions. All retirement benefits attributable to service in subsequent periods are provided through defined contribution plans.

In addition, certain retired colleagues currently are provided with specified health care and life insurance benefits ("Postretirement Obligations").  Eligibility requirements for such benefits vary, but generally state that benefits are available to eligible colleagues who were hired prior to a certain date and retire after a certain age with specified years of service. Certain colleagues are subject to having such benefits modified or terminated.

The defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows:

 

 

 

13 Weeks Ended

 

 

 

May 1, 2021

 

 

May 2, 2020

 

 

 

(millions)

 

401(k) Qualified Defined Contribution Plan

 

$

22

 

 

$

13

 

Pension Plan

 

 

 

 

 

 

 

 

Service cost

 

$

 

 

$

1

 

Interest cost

 

 

12

 

 

 

19

 

Expected return on assets

 

 

(40

)

 

 

(45

)

Recognition of net actuarial loss

 

 

8

 

 

 

10

 

 

 

$

(20

)

 

$

(15

)

Supplementary Retirement Plan

 

 

 

 

 

 

 

 

Interest cost

 

 

3

 

 

 

4

 

Recognition of net actuarial loss

 

 

3

 

 

 

3

 

 

 

$

6

 

 

$

7

 

 

 

 

 

 

 

 

 

 

Total Retirement Expense

 

$

8

 

 

$

5

 

 

 

 

 

 

 

 

 

 

Postretirement Obligations

 

 

 

 

 

 

 

 

Interest cost

 

 

 

 

 

1

 

Recognition of net actuarial gain

 

 

(1

)

 

 

(1

)

 

 

$

(1

)

 

$