• Home
• About Us

The benefit obligation, plan assets, and funded status of these plans as of the fiscal years ended are as follows:

     The accumulated benefit obligation was $25,819 and $31,371 at October 31, 2008 and November 2, 2007, respectively.

     The benefit obligation is determined using assumptions as of the end of each fiscal year. Weighted average assumptions as of the fiscal years ended are as follows:

     The discount rate used to value the projected benefit obligation was 8.00% for fiscal year 2008. SFAS No. 158 “Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans” amended paragraph 44 of SFAS No. 87 “Employers’ Accounting for Pensions” to require that an internal rate of return analysis be included in the discount rate selection process. The discount rates were based on Citigroup Pension Liability Index as of October 31, 2008.

     Plan assets are primarily invested in marketable equity securities, corporate and government debt securities and are administered by an investment management company. The plans’ long-term return on assets is based on the weighted-average of the plans’ investment allocation as of the measurement date and the published historical returns for those types of asset categories, taking into consideration inflation rate forecasts. The compensation increase assumption is based upon historical patterns of salary increases and management’s expectation of future salary increases for plan participants. The expected Company contribution to the plan in fiscal year 2009 is $916.

     The actual allocations as of the fiscal years ended and target allocation for plan assets are as follows: