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Employee Benefits:
12 Months Ended
Feb. 29, 2016
Employee Benefits:  
Employee Benefits:

 

4.Employee Benefits: 

 

Prior to April 16, 2015, the Company and SRB had a Minimal Essential Coverage (“MEC”) plan, for which there was no deductible, a $6,350 per individual or $12,700 per family out-of-pocket maximum, and an unlimited maximum lifetime benefit per covered participant. The Company had no employees after April 16, 2015. Employees of SRB continue to receive health care benefits as well as group dental insurance, vision, short-term and long-term disability insurance, and life insurance.  Effective January 1, 2016, SRB changed to an insurance provider offering both HMO and PPO options from which employees may choose coverage. Employees pay pre-tax premiums from $0 to $1,716 per month depending upon the insurance coverage selected by the employee.

 

The Company had a self-funded plan prior to July 1, 2014, and thus certain claims filed under that plan continue to be presented to the Company for payment and are expected to decrease over time. The Company charged to operations a provision of $22,016 for 2016 and $192,041 for 2015, 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.

 

Prior to April 16, 2015, all employees of the Company meeting certain eligibility requirements could participate in a qualified 401(k) plan offered by the Company.  Participants could 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 could match a portion of the participants’ contributions.  The Company’s matching contribution was $66 and $420 for the years ended February 29, 2016 and February 28, 2015, respectively.