Annual report pursuant to Section 13 and 15(d)

RETIREMENT PLANS

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RETIREMENT PLANS
12 Months Ended
Feb. 02, 2019
RETIREMENT PLANS  
RETIREMENT PLANS

15. 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. In accordance with the provisions of the 401(k) Savings Plan, we make 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. Our matching contribution expense was $4.8 million, $4.7 million and $4.4 million in fiscal 2018, fiscal 2017 and fiscal 2016, respectively.

 

During fiscal 2016, the Company established 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 February 2, 2019 and February 3, 2018, liabilities associated with the deferred compensation plan, which are included in long-term other liabilities in the consolidated balance sheets, were $4.7 million and $2.3 million, respectively. The Company established a rabbi trust to fund the deferred compensation plan’s obligations. As of February 2, 2019 and February 3, 2018, assets of the rabbi trust, which consist primarily of mutual funds and are subject to the claims of our creditors, were $4.0 million and $2.1 million, respectively, and are included in other assets in the consolidated balance sheets.