Rite Aid 2013 Annual Report Download - page 100

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RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended March 2, 2013, March 3, 2012 and February 26, 2011
(In thousands, except per share amounts)
16. Retirement Plans (Continued)
compensation. Total expense recognized for the above plans was $56,480 in fiscal 2013, $57,036 in fiscal
2012 and $58,035 in fiscal 2011.
The Company sponsors a Supplemental Executive Retirement Plan (‘‘SERP’’) for its officers,
which is a defined contribution plan that is subject to a five year graduated vesting schedule. The
expense recognized for the SERP was $7,469 in fiscal 2013, $4,582 in fiscal 2012, and $9,433 in fiscal
2011.
Defined Benefit Plans
The Company and its subsidiaries also sponsor a qualified defined benefit pension plan that
requires benefits to be paid to eligible associates based upon years of service and, in some cases,
eligible compensation. The Company’s funding policy for The Rite Aid Pension Plan (The ‘‘Defined
Benefit Pension Plan’’) is to contribute the minimum amount required by the Employee Retirement
Income Security Act of 1974. However, the Company may, at its sole discretion, contribute additional
funds to the plan. The Company made contributions of $5,583 in fiscal 2013, $14,878 in fiscal 2012, and
$13,451 in fiscal 2011.
The Company also maintains a nonqualified executive retirement plan for certain former
employees who, pursuant to their employment agreements, did not participate in the SERP. The
Company no longer enrolls new participants into this plan. These participants generally receive an
annual benefit payable monthly over fifteen years. This nonqualified defined benefit plan is unfunded.
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