Pension Expense

12 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Pension Expense

Note 6. Pension Expense

Under terms of a negotiated union contract which expires on June 30, 2018, 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 $97,336 in fiscal 2016 and $89,198 in fiscal 2015. These contributions represent more than five percent of the total plan contributions. For the years beginning January 1, 2016 and 2015, the Plan was in the “green zone” which means it is neither endangered nor critical status. A Funding Improvement Plan, entered into by Plan Trustees in fiscal 2013, when the plan was in “critical status,” calls for an increase in contributions starting January 1, 2016 of $0.04 per hour for each year for five years thereafter. The increase did not and will not have a material impact on the Company’s financial statements.

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 $47,175 and $37,703, for fiscal years 2016 and 2015, respectively.