We sponsor a 401(k) retirement savings plan (the “Plan”) that covers substantially all domestic employees of SeaChange. The Plan allows employees to contribute gross salary through payroll deductions up to the legally mandated limit. Participation in the Plan is available to full-time employees who meet eligibility requirements. We also contribute to various retirement plans for our employees outside the United States according to the local plans specific to each foreign location. Amounts contributed will vary. During fiscal 2018, 2017 and 2016, we contributed $1.1 million, $1.4 million and $1.5 million, respectively.

Prior to November 30, 2017, we had a statutory pension benefit obligation covering current employees in the Philippines. On November 30, 2017, as part of the Restructuring Plan, we decided to close our facility in the Philippines. Therefore, a complete reduction in workforce of the remaining employees working at that facility occurred in the fourth quarter of fiscal 2018. As a result, there was no pension benefit obligation balance as of January 31, 2018 as no pay-outs to terminated employees were required under the Restructuring Plan or by Philippines law. The components of the change in this pension benefit obligation as of January 31, 2018 and 2017 are as follows:

The following sets forth the components of our net periodic benefit cost under the pension plan:

Key weighted average assumptions used in the accounting for the pension plan to determine the benefit obligation and net benefit cost were as follows: