The Company maintains a pension plan (the “Plan”) for its Swiss employees, which is administered by an independent pension fund. The Plan is mandated by Swiss law and meets the criteria for a defined benefit plan under ASC 715, Compensation—Retirement Benefits (“ASC 715”), since participants of the Plan are entitled to a defined rate of return on contributions made. The independent pension fund is a multi-employer plan with unrestricted joint liability for all participating companies for which the Plan’s overfunding or underfunding is allocated to each participating company based on an allocation key determined by the Plan.

The Company recognizes a net asset or liability for the Plan equal to the difference between the projected benefit obligation of the Plan and the fair value of the Plan’s assets as required by ASC 715. The funded status may vary from year to year due to changes in the fair value of the Plan’s assets and variations on the underlying assumptions of the projected benefit obligation of the Plan.

On January 1, 2019, the independent pension fund changed the conversion rate for accumulated retirement savings. The Company’s results contain the effects of this change in conversion rates by the independent pension fund as prior service costs. These prior service costs are amortized from AOCI to net periodic benefit costs over approximately 10 years.

At June 30, 2019, the accumulated benefit obligation of the Plan equals the fair value of the Plan's assets. The Plan's funded status at June 30, 2019 and 2018 was a net liability of $9,186 and $6,098, respectively, which is recorded in other non-current liabilities on the consolidated balance sheets. The Company recorded a net loss of $2,350 and a net gain of $354 in AOCI during the year ended June 30, 2019 and 2018, respectively. Total employer contributions to the Plan were $741 during the year ended June 30, 2019, and the Company's total expected employer contributions to the Plan during fiscal 2020 are $822.

The following table reflects the total pension benefits expected to be paid from the Plan, which is funded from contributions by participants and the Company.



Fiscal Year	Total
2020	$	761
2021	733
2022	883
2023	1,197
2024	1,040
Thereafter (next 5 years)	5,529
Total	$	10,143



	Year Ended June 30,
	2019			2018
Service cost	$	903		$	835
Interest cost	156			121
Expected return on assets	(183		)	(162		)
Amortization of prior service cost	(61		)	39
Net periodic benefit cost	$	815		$	833

The following table reflects the related actuarial assumptions used to determine net periodic benefit cost of the Plan for the year ended June 30, 2019 and 2018:



	Year Ended June 30,
	2019		2018
Discount rate	0.50	%	0.85	%
Expected rate of return on Plan assets	1.50	%	1.50	%
Expected inflation	1.20	%	1.20	%
Rate of compensation increases	1.50	%	1.20	%

The calculation of the projected benefit obligation (“PBO”) utilized BVG 2015 Generational data for assumptions related to the mortality rates, disability rates, turnover rates, and early retirement ages.

The PBO represents the present value of Plan benefits earned through the end of the year, with an allowance for future salary and pension increases as well as turnover rates. The following table presents the change in projected benefit obligation for the periods presented:



	Year Ended June 30,
	2019			2018
Projected benefit obligation, beginning	$	18,127		$	17,526
Service cost	903			835
Interest cost	156			121
Employee contributions	3,577			1,931
Actuarial gain	2,859			466
Benefits paid	(1,607		)	(1,215		)
Plan amendment	—			(941		)
Foreign exchange loss (gain)	259			(596		)
Projected benefit obligation at end of year	$	24,274		$	18,127



	Year Ended June 30,
	2019			2018
Fair value of Plan assets, beginning	$	12,029		$	10,925
Actual return on Plan assets	167			167
Company contributions	741			608
Employee contributions	3,577			1,931
Benefits paid	(1,607		)	(1,215		)
Foreign exchange gain (loss)	181			(387		)
Fair value of Plan assets at end of year	$	15,088		$	12,029



	June 30, 2019			June 30, 2018
Projected benefit obligation at end of year	$	24,274		$	18,127
Fair value of plan assets at end of year	15,088			12,029
Funded status	$	(9,186	)	$	(6,098	)

The fair value of Plan assets were $15,088 at June 30, 2019. The Plan is denominated in a foreign currency, the Swiss Franc, which can have an impact on the fair value of Plan assets. The Plan was not subject to material fluctuations during years ended June 30, 2019 or 2018. The Plan’s assets are administered by an independent pension fund foundation (the “foundation”). As of June 30, 2019, the foundation has invested the assets of the Plan in various investments vehicles, including cash, real estate, equity securities, and bonds. The investments are measured at fair value using a mix of Level 1, Level 2 and Level 3 inputs.

The Company maintains a qualified 401(k) plan (the “401(k) Plan”) for its U.S. employees. During fiscal 2019, 2018 and 2017, the Company matched employee contributions up to 3% of eligible compensation. The Company may also make optional contributions to the plan for any plan year at its discretion. Expense recognized by the Company for matching contributions related to the 401(k) plan was $4,525, $3,684 and $3,206 during the fiscal years ended June 30, 2019, 2018, and 2017, respectively.