Contributions to the plan in current year

  


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|  | Pension Plan |  | Restoration Plan |  | Total |
| (In thousands) | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 |
| Total net pension (benefit) expense | (2,493) |  | (1,378) |  |  | (1,595) |  |  | 425  |  |  | 433  |  |  | 488  |  |  | (2,068) |  |  | (945) |  |  | (1,107) |  |
| Total net actuarial (gain) loss (1) | (21,941) |  | (33,703) |  |  | 67,385  |  |  | (576) |  |  | (210) |  |  | 1,476  |  |  | (22,517) |  |  | (33,913) |  |  | 68,861  |  |

 (1)     Changes recognized in Accumulated Other Comprehensive Loss. The projected benefit obligation (“PBO”) will change primarily due to interest cost and total net actuarial (gain) loss, and plan assets will change primarily as a result of the actual return on plan assets. Benefit payments, which reduce the PBO and plan assets, were not material in fiscal 2022 or 2021. Employer contributions, which increase plan assets, were $4.6 million in fiscal 2021; there were no employer contributions in fiscal 2022. The net actuarial (gain) loss in a fiscal year is recognized in accumulated other comprehensive loss and may later be recognized as a component of future pension expense. In fiscal 2023, we anticipate that $2.5 million in estimated actuarial losses of the pension plan will be amortized from accumulated other comprehensive loss.  Estimated actuarial losses to be amortized from accumulated other comprehensive loss for the restoration plan are not expected to be significant. Benefit Obligations.  The accumulated benefit obligation (“ABO”) and PBO represent the obligations of the benefit plans for past service as of the measurement date. ABO is the present value of benefits earned to date with benefits computed based on current service and compensation levels. PBO is ABO increased to reflect expected future service and increased compensation levels. As a result of the freeze of plan benefits under our pension and restoration plans, the ABO and PBO balances are equal to one another at all subsequent dates.  
Funding Policy.  For the pension plan, we contribute amounts sufficient to meet minimum funding requirements as set forth in the employee benefit and tax laws, plus any additional amounts as we may determine to be appropriate. We do not expect to make any contributions to the pension plan in fiscal 2023. We expect the pension plan to make benefit payments of approximately $6.4 million for each of the next three fiscal years, and $7.6 million for each of the subsequent two fiscal years. For the non-funded restoration plan, we contribute an amount equal to the benefit payments, which we expect to be approximately $0.6 million for each of the next five fiscal years.Assumptions Used to Determine Benefit Obligations

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|   | As of February 28 |
|   | Pension Plan |  | Restoration Plan |
|   | 2022 |  | 2021 |  | 2022 |  | 2021 |
| Discount rate | 3.45  | % |  | 2.95  | % |  | 3.45  | % |  | 2.95  | % |

   
Assumptions Used to Determine Net Pension Expense

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|   | As of February 28 or 29 |
|   | Pension Plan |  | Restoration Plan |
|   | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 |
| Discount rate | 2.95  | % |  | 2.85  | % |  | 4.20  | % |  | 2.95  | % |  | 2.85  | % |  | 4.20  | % |
| Expected rate of return on plan assets | 7.50  | % |  | 7.75  | % |  | 7.75  | % |  | —  | % |  | —  | % |  | —  | % |

  
Assumptions.  Underlying both the calculation of the PBO and the net pension expense are actuarial calculations of each plan’s liability. These calculations use participant-specific information such as salary, age and years of service, as well as certain assumptions, the most significant being the discount rate, rate of return on plan assets and mortality rate. We evaluate these assumptions at least once a year and make changes as necessary.The discount rate used for retirement benefit plan accounting reflects the yields available on high-quality, fixed income debt instruments. For our plans, we review high quality corporate bond indices in addition to a hypothetical portfolio of corporate bonds with maturities that approximate the expected timing of the anticipated benefit payments.72
