Note 16 - Employee Benefit Plans

12 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

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

2019

or

2018

. 

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

2019

and

2018

, the matching contribution was

50%

 and

75%

 of employee contributions to the plan, respectively.  Vesting of Company contributions occurs immediately.  Company contributions were

$160,171

 and

$276,217

 during

2019

and

2018

, respectively.