Neiman Marcus 2013 Annual Report Download - page 124

Table of Contents
and its subsidiaries are separate taxpayers from Parent. There are no differences between the Company's and Parent's current and deferred income taxes.

Description of Benefit Plans. We currently maintain defined contribution plans consisting of a retirement savings plan (RSP) and a defined
contribution supplemental executive retirement plan (Defined Contribution SERP Plan). As of January 1, 2011, employees make contributions to the RSP
and we match an employee’s contribution up to a maximum of 6% of the employee’s compensation subject to statutory limitations for a potential maximum
match of 75% of employee contributions. We also sponsor an unfunded key employee deferred compensation plan, which provides certain employees with
additional benefits. Our aggregate expense related to these plans was approximately $23.5 million for the thirty-nine weeks ended August 2, 2014, $7.1
million for the thirteen weeks ended November 2, 2013, $30.4 million in fiscal year 2013 and $29.3 million in fiscal year 2012.
In addition, we sponsor a defined benefit pension plan (Pension Plan) and an unfunded supplemental executive retirement plan (SERP Plan) which
provides certain employees additional pension benefits. As of the third quarter of fiscal year 2010, benefits offered to all participants in our Pension Plan and
SERP Plan were frozen. Retirees and active employees hired prior to March 1, 1989 are eligible for certain limited postretirement health care benefits
(Postretirement Plan) if they meet certain service and minimum age requirements.
Obligations for our employee benefit plans, included in other long-term liabilities, are as follows:







Pension Plan
$ 189,890
$ 104,018
SERP Plan
113,787
103,854
Postretirement Plan
10,945
12,429
314,622
220,301
Less: current portion
(6,602)
(6,542)
Long-term portion of benefit obligations
$ 308,020
$ 213,759
As of August 2, 2014, we have $16.5 million (net of taxes of $10.6 million) of adjustments to state such obligations at fair value recorded as
increases to accumulated other comprehensive loss.
Funding Policy and Status. Our policy is to fund the Pension Plan at or above the minimum required by law. In fiscal years 2014 and 2013, we
were not required to make contributions to the Pension Plan; however, we made a voluntary contribution to our Pension Plan of $25.0 million in fiscal year
2013. As of August 2, 2014, we do not believe we will be required to make contributions to the Pension Plan for fiscal year 2015. We will continue to
evaluate voluntary contributions to our Pension Plan based upon the unfunded position of the Pension Plan, our available liquidity and other factors.
The funded status of our Pension Plan, SERP Plan and Postretirement Plan is as follows:





















Projected benefit obligation
$ 592,918
$ 489,856
$ 113,787
$ 103,854
$ 10,945
$ 12,429
Fair value of plan assets
(403,028)
(385,838)
—
—
—
—
Accrued obligation
$ 189,890
$ 104,018
$ 113,787
$ 103,854
$ 10,945
$ 12,429
F-28