|12 Months Ended|
Jan. 30, 2021
13. RETIREMENT PLANS
We sponsor a 401(k) Savings Plan for our eligible employees and certain of our subsidiaries. Participation in the 401(k) Savings Plan is voluntary and available to any employee who is at least 21 years of age and has completed three months of full-time service or one year of part-time service. Participants may elect to contribute up to 80% of their compensation on a pre-tax basis and up to 10% on an after-tax basis. Prior to January 1, 2021, we made a matching cash contribution to the account of each participant in an amount equal to 50% of the participant’s pre-tax contributions that do not exceed 6% of the participant’s compensation for the year. Matching contributions vest to the participants based on years of service, with 100% vesting after three years. Effective January 1, 2021, the plan was amended and we increased matching cash contributions to 100% of the participant’s pre-tax contributions that do not exceed 3% of the participant’s compensation for the year and 50% of the participant’s pre-tax contributions that do not exceed the next 2% of the participant’s compensation for the year. Matching contributions vest immediately. Our matching contribution expense was $5.3 million, $4.4 million and $4.8 million in fiscal 2020, fiscal 2019 and fiscal 2018, respectively.
We also sponsor a nonqualified deferred compensation plan for certain executives and other highly compensated employees. The deferred compensation plan provides participants with the opportunity to defer up to 75% of their base salary and up to 100% of their annual earned bonus. Participants are 100% vested in these deferrals and the associated investment returns. The Company does not currently make any matching cash contributions to the participant accounts. As of January 30, 2021 and February 1, 2020, liabilities associated with the deferred compensation plan, which are included in long-term other liabilities in the consolidated balance sheets, were $7.2 million and $5.4 million, respectively. The Company established a rabbi trust to fund the deferred compensation plan’s obligations. As of January 30, 2021 and February 1, 2020, assets of the rabbi trust, which consist primarily of mutual funds and are subject to the claims of our creditors, were $6.7 million and $5.3 million, respectively, and are included in other assets in the consolidated balance sheets.
The entire disclosure for pension and other postretirement benefits.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef