Retirement and post retirement plans (Notes)

3 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Postemployment Benefit Plans, Policy [Policy Text Block]

Retirement and Post-Retirement Plans

On June 23, 2005 the Company entered into a Supplemental Executive Retirement Benefit Agreement with its Chairman, Richard DePiano, Sr. (Mr. DePiano Sr.). The agreement provided for the payment of supplemental retirement benefits to the covered executive in the event of the covered executive’s termination of services. In January 2013 the covered executive retired and the Company was obligated to pay the executive $8,491 per month for life, with payments commencing the month after retirement.

As of June 30, 2019 approximately $792,000 was accrued for Mr. DePiano Sr.'s retirement benefits. The amount represented the approximate present value of the supplemental retirement benefits awarded using a discount rate of 4.5% as of June 30, 2019. Mr. DePiano Sr. passed away on October 3, 2019. According to the agreement, the benefits terminate upon Mr. DePiano Sr.'s death. Therefore, the Company recognized a gain with the termination of the retirement benefit obligation of $758,000, which has been reported as other income for the three-month period ended September 30, 2019. The remaining $8,491 accrual as of September 30, 2019 represents the final payment that was made on October 1, 2019.