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Employee Benefit Plans
12 Months Ended
Oct. 31, 2020
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

14.Employee Benefit Plans

 

Profit Sharing and Savings Plan

 

The Company has a Profit Sharing and Savings Plan for the benefit of employees. The Profit Sharing and Savings Plan is a defined contribution profit sharing plan with a 401(k) deferral component. All full-time employees who have met certain age and length of service requirements are eligible to participate in the plan. The plan allows participating employees to make elective deferrals of compensation up to the plan’s annual limits. The Company then matches each participant’s contribution on a dollar-for-dollar basis to a maximum of $2,000 per annum. In addition, the Company may, at its discretion, contribute up to 15 percent of eligible employee compensation to the plan, to a maximum of $42,000, $41,250 and $40,500 per employee for the years ended October 31, 2020, 2019 and 2018. The Company’s expense under the plan was $35.1 million, $31.3 million and $29.5 million for the years ended October 31, 2020, 2019 and 2018, respectively.

 

Supplemental Profit Sharing Retirement Plan

 

The Company has an unfunded, non-qualified Supplemental Profit Sharing Retirement Plan whereby certain key employees of the Company may receive profit sharing contributions in excess of the amounts allowed under the Profit Sharing and Savings Plan. Participation in the Supplemental Profit Sharing Retirement Plan has been frozen and is restricted to employees who qualified as participants on November 1, 2002. The Company did not make any contributions to the plan in fiscal 2020. Participants in the Supplemental Profit Sharing Retirement Plan continue to earn investment returns on their balances commensurate with those earned in the employer-directed portion of the Profit Sharing and Savings Plan. The Company’s expense under the Supplemental Profit Sharing Retirement Plan for the years ended October 31, 2020, 2019 and 2018 was $12,952, $28,312 and $1,128, respectively.

 

Subsequent event

In connection with the proposed acquisition of Eaton Vance by Morgan Stanley, the Board has consented to the termination of the Supplemental Profit Sharing Retirement Plan. All outstanding positions in such plan will close and settle in cash prior to the close of the proposed acquisition of Eaton Vance by Morgan Stanley.