Benefit Plans

12 Months Ended

Apr. 30, 2022

Retirement Benefits [Abstract]

Benefit Plans

BENEFIT PLANS

401(k) Plan: The Company provides Team Members with a defined contribution 401(k) Plan. The 401(k) Plan is available to all Team Members who meet minimum age and service requirements. The Company contributions consist of matching amounts in Company stock and are allocated based on Team Member contributions. Contributions to the 401(k) Plan were $10,983, $10,382, and $10,571 for the years ended April 30, 2022, 2021, and 2020, respectively.

On April 30, 2022 and 2021, 807,396 and 909,161 shares of common stock, respectively, were held by the trustee of the 401(k) Plan in trust for distribution to eligible participants upon death, disability, retirement, or termination of employment. Shares held by the 401(k) Plan are treated as outstanding in the computation of net income per common share.

Supplemental executive retirement plan: The Company has a nonqualified supplemental executive retirement plan (SERP) for two of its former executive officers, one of whom retired April 30, 2003 and the other on April 30, 2008. The SERP provides for the Company to pay annual retirement benefits, up to 50% of base compensation until death of the officer. If death occurs within twenty years of retirement, the benefits become payable to the officer’s spouse (at a reduced level) until the spouse’s death or twenty years from the date of the officer’s retirement, whichever comes first. The Company recorded the deferred compensation over the term of employment. The amounts accrued at April 30, 2022 and 2021, respectively, were $2,211 and $2,866. The discount rates were based off of the Company's incremental borrowing rate, and ranged from 3.35% to 4.18% for the year ended April 30, 2022. The discount rates used for the year ended April 30, 2021 ranged from 1.36% to 2.52%. The Company expects to pay $637 next year, and $355 in each of the four years thereafter. The expense incurred in fiscal 2022, 2021, and 2020 related to those agreements was $18, $67, and $269, respectively.