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7. RETIREMENT PLAN
12 Months Ended
Mar. 31, 2013
Retirement Plan  
NOTE 7 - RETIREMENT PLAN

NOTE 7 - RETIREMENT PLAN

 

The Company has a 401(k) plan for its employees. All employees with 90 days of service are eligible to participate, unless they are covered by a collective bargaining agreement which precludes coverage. The Company matches employee contributions up to 3% of the employee's compensation, subject to IRS limits. During the years ended March 31, 2013 and 2012, the Company incurred expenses of $3.3 million and $3.1 million, respectively. These costs are included in salaries and benefits in the accompanying consolidated statements of operations.  At March 31, 2013 and 2012, accrued compensation and benefits in the accompanying consolidated balance sheets included $4.1 million and $3.9 million, respectively, in accrued employer contributions.