Employee Benefit Plan

9 Months Ended

Mar. 31, 2020

Employee Benefit Plan

Employee Benefit Plan

Note 16.  Employee Benefit Plan

The Company has a 401k defined contribution plan (the “Plan”) covering substantially all employees.  Pursuant to the Plan provisions, the Company is required to make matching contributions equal to 50% of each employee’s contribution, not to exceed 4% of the employee’s compensation for the Plan year.  Contributions to the Plan totaled $0.6 million during each of the three months  ended March 31, 2020 and 2019.  Contributions to the Plan totaled $1.7 million during each of the nine months ended March 31, 2020 and 2019.

In Fiscal 2020, the Company implemented a non-qualified deferred compensation plan for certain senior-level management and executives.  The non-qualified deferred compensation plan allows certain eligible employees to defer additional pre-tax earnings for retirement, beyond the IRS limits in place under the Plan.  Contributions to the non-qualified deferred compensation plan during the three and nine months ended March 31, 2020 were not material.