COMMITMENTS	12 Months Ended
Mar. 31, 2021
COMMITMENTS
COMMITMENTS	NOTE 14 - COMMITMENTS Employment Agreements We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjusted annually, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at March 31, 2021 for future executive salaries was approximately $0.5 million. The aggregate commitment at March 31, 2021 was approximately $0.4 million for accrued payroll, vacation and holiday pay for the remainder of our employees. Purchase Commitments As of March 31, 2021, we had $1.1 million in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase new materials and supplies. Retirement Benefits Ranor has a defined contribution and savings plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. The Company contributed $85,359 and $81,333 for the years ended March 31, 2021 and 2020, respectively. Provision for claims settlement On March 16, 2020, the Company reached an agreement to settle all outstanding claims related to a civil class action brought by former employees for past wages claimed under a paid time-off program for a settlement amount of $495,000. The claim is to be paid within sixty days following Court approval of the settlement. On March 15, 2021, the court approved the final class action settlement. As such, the plaintiffs’ claims have been fully and finally dismissed, and the $495,000 payment to the plaintiffs’ counsel was paid within 60 days on May 10, 2021.

NOTE 14 - COMMITMENTS

Employment Agreements

We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjusted annually, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at March 31, 2021 for future executive salaries was approximately $0.5 million. The aggregate commitment at March 31, 2021 was approximately $0.4 million for accrued payroll, vacation and holiday pay for the remainder of our employees.

Purchase Commitments

As of March 31, 2021, we had $1.1 million in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase new materials and supplies.

Retirement Benefits

Ranor has a defined contribution and savings plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. The Company contributed $85,359 and $81,333 for the years ended March 31, 2021 and 2020, respectively.

Provision for claims settlement

On March 16, 2020, the Company reached an agreement to settle all outstanding claims related to a civil class action brought by former employees for past wages claimed under a paid time-off program for a settlement amount of $495,000. The claim is to be paid within sixty days following Court approval of the settlement.

On March 15, 2021, the court approved the final class action settlement. As such, the plaintiffs’ claims have been fully and finally dismissed, and the $495,000 payment to the plaintiffs’ counsel was paid within 60 days on May 10, 2021.