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Employee Benefit Plans
12 Months Ended
Jun. 30, 2019
Retirement Benefits [Abstract]  
Employee Benefit Plans
EMPLOYEE BENEFIT PLANS
A. Defined Contribution Savings Plans. The Company sponsors a 401(k) savings plan covering eligible U.S. employees of the Company. This plan provides a base contribution plus Company matching contributions on a portion of employee contributions.
An Executive Retirement and Savings Plan (the “ERSP”) was adopted effective January 1, 2015 for those executives who are not participants in the Broadridge SORP or Broadridge SERP (defined below). The ERSP is a defined contribution plan that allows eligible full-time U.S. employees to defer compensation until a later date and the Company will match a portion of the deferred compensation above the qualified defined contribution compensation and deferral limitations.
The costs recorded by the Company for these plans were:
 
 
Years ended June 30,
 
 
2019
 
2018
 
2017
 
 
(in millions)
401(k) savings plan
 
$
35.5

 
$
34.4

 
$
35.2

ERSP
 
2.3

 
1.9

 
1.8

     Total
 
$
37.8

 
$
36.3

 
$
37.0


B. Defined Benefit Pension Plans. The Company sponsors a Supplemental Officer Retirement Plan (the “Broadridge SORP”). The Broadridge SORP is a defined benefit plan pursuant to which the Company will pay supplemental pension benefits to certain key officers upon retirement based upon the officers’ years of service and compensation. The Broadridge SORP is currently unfunded. The Broadridge SORP was closed to new participants beginning in fiscal year 2015.
The Company also sponsors a Supplemental Executive Retirement Plan (the “Broadridge SERP”). The Broadridge SERP is a defined benefit plan pursuant to which the Company will pay supplemental pension benefits to certain key executives upon retirement based upon the executives’ years of service and compensation. The Broadridge SERP is currently unfunded. The Broadridge SERP was closed to new participants beginning in fiscal year 2015.
The amounts charged to expense by the Company for these plans were:
 
 
Years ended June 30,
 
 
2019
 
2018
 
2017
 
 
(in millions)
SORP
 
$
3.9

 
$
4.3

 
$
3.6

SERP
 
0.5

 
0.6

 
0.7

     Total
 
$
4.4

 
$
4.9

 
$
4.3


The benefit obligation to the Company under these plans at June 30, 2019, 2018 and 2017 was:
 
 
Years ended June 30,
 
 
2019
 
2018
 
2017
 
 
(in millions)
SORP
 
$
45.5

 
$
38.3

 
$
35.4

SERP
 
5.4

 
4.5

 
4.3

     Total
 
$
50.8

 
$
42.8

 
$
39.7


C. Other Post-retirement Benefit Plan. The Company sponsors an Executive Retiree Health Insurance Plan. It is a post-retirement benefit plan pursuant to which the Company helps defray the health care costs of certain eligible key executive retirees and qualifying dependents, based upon the retirees’ age and years of service, until they reach the age of 65. The plan is currently unfunded.
The amounts charged to expense by the Company for this plan were:
 
 
Years ended June 30,
 
 
2019
 
2018
 
2017
 
 
(in millions)
Executive Retiree Health Insurance Plan
 
$
0.5

 
$
0.4

 
$
0.3


The benefit obligation to the Company under this plan at June 30, 2019, 2018 and 2017 was:
 
 
Years ended June 30,
 
 
2019
 
2018
 
2017
 
 
(in millions)
Executive Retiree Health Insurance Plan
 
$
5.2

 
$
5.3

 
$
4.9


D. Other Post-employment Benefit Obligations. The Company sponsors a post-employment plan (the “Gratuity Plan”) covering all employees in India who are eligible under the terms of their employment. The Gratuity Plan is required by local law and provides a lump sum payment to vested employees upon retirement, death, incapacitation, or termination of employment based on the respective employee’s salary and the tenure of employment. The Gratuity Plan is currently unfunded.
The amounts charged to expense by the Company for this plan were:
 
 
Years ended June 30,
 
 
2019
 
2018
 
2017
 
 
(in millions)
The Gratuity Plan
 
$
1.3

 
$
1.0

 
$
1.3


The benefit obligation to the Company under this plan at June 30, 2019, 2018 and 2017 was:
 
 
Years ended June 30,
 
 
2019
 
2018
 
2017
 
 
(in millions)
The Gratuity Plan
 
$
5.8

 
$
5.0

 
$
4.1