Retirement Plans

12 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Retirement Plans

Retirement Plans

Defined Contribution Plans

The Company sponsors various defined contribution plans in which most employees are eligible to participate. Company contribution expense for fiscal 2023, 2022, and 2021 was $99.0 million, $100.3 million and $97.6 million, respectively.

Supplemental Savings Plan

The Company maintains the Supplemental Savings Plan through which, on a calendar year basis, officers at the director level and above can elect to defer for contribution to the Supplemental Savings Plan up to 50% of their base compensation and up to 100% of their bonuses. The Company provides a contribution of 5% of compensation for each participant’s compensation that exceeds the limit as set forth in IRC 401(a)(17) (currently $330,000 per year). The Company also has the option to make annual discretionary contributions. Company contributions vest five-years from the date of enrollment, and vesting is accelerated in the event of a change of control of the Company. Participant deferrals and Company contributions will be credited with the rate of return based on the investment options and asset allocations selected by the Participant. Participants may change their asset allocation as often as daily, if they so choose. A Rabbi Trust has been established to hold and provide a measure of security for the investments that finance benefit payments. Distributions from the Supplemental Savings Plan are made upon retirement, termination, death, or total disability. The Supplemental Savings Plan also allows for in-service distributions.

Supplemental Savings Plan obligations due to participants totaled $114.4 million at June 30, 2023, of which $9.3 million is included in accrued compensation and benefits in the accompanying consolidated balance sheet. Supplemental Savings Plan obligations increased by $4.7 million during fiscal 2023, consisting of $12.9 million of distributions and $3.7 million of investment gains, offset by $13.1 million of participant compensation deferrals and $0.8 million of Company contributions.

The Company maintains COLI assets in a Rabbi Trust to offset the obligations under the Supplemental Savings Plan. The value of the COLI in the Rabbi Trust was $96.7 million at June 30, 2023 and COLI gains were $3.3 million for fiscal 2023.

Contribution expense for the Supplemental Savings Plan during fiscal 2023, 2022, and 2021, was $0.8 million, $0.9 million, and $1.6 million, respectively.