SELF INSURED HEALTHCARE PLAN

6 Months Ended

Dec. 31, 2014

SELF INSURED HEALTHCARE PLAN [Abstract]

SELF-INSURED HEALTHCARE PLAN

The Company has self-insured health and dental plans for its employees, subject to certain limits. The Bank is named the plan administrator for these plans and has retained the services of independent third party administrators to process claims and handle other duties for these plans. The third party administrators do not assume liability for benefits payable under these plans. To mitigate a portion of the risks involved with the self-insured health plan, the Company has a stop loss insurance policy through a commercial insurance carrier for coverage in excess of $75 per individual occurrence.

The Company assumes the responsibility for funding the plan benefits out of general assets; however, employees cover some of the costs of covered benefits through contributions, deductibles, co-pays and participation amounts. An employee is eligible for coverage upon completion of 30 calendar days of regular employment. The plans, which are on a calendar year basis, are intended to comply with, and be governed by, the Employee Retirement Income Security Act of 1974, as amended.

The accrual estimate for pending and incurred but not reported health claims is based upon a pending claims lag report provided by a third party provider. Although management believes that it uses the best information available to determine the accrual, unforeseen health claims could result in adjustments and net earnings being significantly affected if circumstances differ substantially from the assumptions used in estimating the accrual. Net healthcare costs are inclusive of health and dental claims expenses and administration fees offset by stop loss and employee reimbursement.

The following table is a summary of net healthcare costs by quarter:



	Fiscal Years Ended
	June 30,
	2015		2014
Quarter ended September 30	$	309	$	264
Quarter ended December 31	430		257
Quarter ended March 31	---		384
Quarter ended June 30	---		501
Net healthcare costs	$	739	$	1,406