Annual report pursuant to Section 13 and 15(d)

Retirement Plans

v2.4.1.9
Retirement Plans
12 Months Ended
Jan. 31, 2015
Retirement Plans  
Retirement Plans

12. 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 500 hours of service in a six-month eligibility period. 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 million in each of fiscal 2014, fiscal 2013 and fiscal 2012.