Pension Expense

12 Months Ended

Jun. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Pension Expense

Note 6. Pension Expense

Under terms of a negotiated union contract which expires on June 30, 2015, the Company is obligated to make contributions to a union-sponsored International Brotherhood of Electrical Workers Local 1799 defined benefit pension plan (Plan identifying number is 14-6065199) covering eligible employees. Such contributions and expenses are based upon hours worked at a specified rate and amounted to $96,776 in fiscal 2014 and $98,712 in fiscal 2013. These contributions represent more than five percent of the total plan contributions. For the year beginning January 1, 2014, the Plan is in the “green zone” which means it is neither endangered nor critical status. For the year beginning January 1, 2013, the Plan was in “critical status.” Plan Trustees entered into a Funding Improvement Plan which calls for an increase in hourly contributions starting January 1, 2016 of $0.04 for each year for five years thereafter.

The Company sponsors a 401(k) plan for non-union workers with employee and employer matching contributions. The employer match is 10% of the employee contribution and was $47,847 and $40,521, for fiscal years 2014 and 2013, respectively.