Annual report pursuant to Section 13 and 15(d)

Employee benefit plans

v3.23.1
Employee benefit plans
12 Months Ended
Jan. 28, 2023
Employee benefit plans  
Employee benefit plans

18.   Employee benefit plans

The Company provides a 401(k) retirement plan covering all employees who qualify as to age and length of service. The plan is funded through employee contributions and a Company match of 100% of the first 3% of eligible compensation and an additional 50% match for the next 2% of eligible compensation. Total expense recorded under this plan is included in SG&A expenses in the consolidated statements of income as follows:

Fiscal year ended

January 28,

January 29,

January 30,

(In thousands)

2023

2022

2021

401(k) plan match

$

21,912

$

19,296

$

16,878

The Company also has a non-qualified deferred compensation plan for highly compensated employees whose contributions are limited under qualified defined contribution plans. The plan is funded through employee contributions and a Company match of 100% of the first 3% of salary. Amounts contributed and deferred under the plan are credited or charged with the performance of investment options offered under the plan as elected by the participants. In the event of bankruptcy, the assets of this plan are available to satisfy the claims of general creditors. The Company manages the risk of changes in the fair value of the liability for deferred compensation by electing to match its liability under the plan with

investment vehicles that offset a substantial portion of its exposure. Total expense recorded under this plan is included in SG&A expenses in the consolidated statements of income and was insignificant during fiscal 2022, 2021, and 2020.

Amounts included in the consolidated balance sheets related to the deferred compensation plan were as follows:

January 28,

January 29,

(In thousands)

2023

2022

Deferred compensation plan assets

$

35,382

$

38,409

Deferred compensation plan liability

37,501

40,839