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Employee Benefit Plans
12 Months Ended
Jun. 30, 2023
Employee Benefit Plans [Abstract]  
Employee Benefit Plans 16.    EMPLOYEE BENEFIT PLANS

 

Substantially all domestic employees are participants in the Koss Employee Stock Ownership Trust ("KESOT") under which an annual contribution in either cash or common stock may be made at the discretion of the Board of Directors. No contributions were made for the fiscal years 2023 or 2022. 

 

The Company maintains a retirement savings plan under Section 401(k) of the Internal Revenue Code. This plan covers all employees of the Company who have completed one full fiscal quarter of service. Matching contributions can be made at the discretion of the Board of Directors. For fiscal years 2023 and 2022, the matching contribution was 25% of employee contributions to the plan. Vesting of Company contributions occurs immediately. Company contributions were $92,986 and $89,314 during 2023 and 2022, respectively.