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Employee Benefit Plans
12 Months Ended
Jun. 30, 2011
Employee Benefit Plans  
Employee Benefit Plans

 

NOTE 14. EMPLOYEE BENEFIT PLANS

A. Defined Contribution Savings Plan. The Company's Board of Directors approved a Broadridge sponsored 401(k) savings plan covering eligible full-time domestic employees of the Company. This plan provides a base contribution plus Company matching contributions on a portion of employee contributions. The costs recorded by the Company for this plan were $18.8 million, $18.2 million and $15.9 million for the fiscal years ended June 30, 2011, 2010 and 2009, respectively.

B. Defined Benefit Pension Plan. The Company's Board of Directors approved a Broadridge sponsored Supplemental Officer Retirement Plan (the "Broadridge SORP"). The Broadridge SORP is a defined benefit plan pursuant to which the Company will pay supplemental pension benefits to certain key officers upon retirement based upon the officers' years of service and compensation. The amount charged to expense for the Broadridge SORP was $1.6 million, $1.2 million and $0.6 million during the fiscal years ended June 30, 2011, 2010 and 2009, respectively. Broadridge management believes the Broadridge SORP expense is not material to the Company's Consolidated Financial Statements.