Employee Benefits:

12 Months Ended

Feb. 28, 2013

Employee Benefits:

Employee Benefits:

4. Employee Benefits:

The employees of the Company and SRB participate in a self-funded employee benefit plan providing health care benefits for all its employees. It also provides for them group dental insurance, short-term and long-term disability insurance, and life insurance.  Employees pay pre-tax premiums from $131 to $525 per month depending upon the insurance coverage selected by the employee.  Employees can select from two coverage plans, both of which have a $600 deductible, varying out-of-pocket maximums, and a maximum lifetime benefit of $2,000,000 per covered participant.

Due to stop-loss insurance, benefits payable by the Company are limited to $25,000 per person during the policy year.  The Company charged to operations a provision of $539,492 for 2013 and $342,035 for 2012, which represents the sum of actual claims paid and an estimate of liabilities relating to claims, both asserted and unasserted, resulting from incidents that occurred during the year.  These amounts include costs related to employees of SRB that have been allocated to the Company.

The Company has a qualified 401(k) plan which covers substantially all employees meeting certain eligibility requirements.  Participants may contribute a portion of their compensation to the plan, up to the maximum amount permitted under Section 401(k) of the Internal Revenue Code.  At the Company’s discretion, it can match a portion of the participants’ contributions.  The Company’s matching contribution was $507 and $483 for the years ended February 28, 2013 and February 29, 2012, respectively.