Retirement and Post-Retirement Plans

12 Months Ended

Jun. 30, 2018

As of June 30, 2018 and 2017 approximately $851,000 and $901,000 was accrued for Mr. DePiano's retirement benefits, respectively. These amounts represent the approximate present value of the supplemental retirement benefits awarded using a discount rate of 4.5% and 3.9% as of June 30, 2018 and 2017, respectively. The changes related to post-retirement plans for the years ended June 30, 2018 and 2017 were as follows:



	2018	2017
Balance July 1,	$901,238	$937,480
Actuarial adjustment	52,024	65,649
Payment of benefits	(101,891)	(101,891)
Balance June 30,	$851,371	$901,238