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Note 9: 401(k) Retirement Plan
3 Months Ended
Sep. 30, 2012
Notes  
Note 9: 401(k) Retirement Plan

Note 9:  401(k) Retirement Plan

 

The Company established a tax-qualified ESOP in April 1994. During fiscal 2011, the plan was merged with the Company’s 401(k) Retirement Plan (the Plan).  The Plan covers substantially all employees who are at least 21 years of age and who have completed one year of service.  In fiscal 2012, the Company converted the Plan to provide a safe harbor matching contribution of up to 4% of eligible compensation, and also made additional, discretionary profit-sharing contributions for fiscal 2012; for fiscal 2013, the Company has maintained the safe harbor matching contribution of 4%, and expects to continue to make additional, discretionary profit-sharing contributions.  During the three-month period ended September 30, 2012, retirement plan expenses recognized were approximately $112,000, as compared to $100,000 for the three-month period ended September 30, 2011.