Employee Benefit Plans (Tables)

12 Months Ended

Jun. 30, 2014

The funded status of the Swiss Plan in the fiscal year ended June 30, 2014 was as follows:

	Year Ended
	June 30, 2014
Change in projected benefit obligation:
Projected benefit obligation, date of acquisition	$	38,748
Service cost		3,375
Interest cost		812
Plan amendments		(1,661	)
Participant contributions		1,110
Benefits (paid) received		(3,959	)
Actuarial (gain) loss on obligation		(867	)
Currency translation adjustment		1,832
Projected benefit obligation, end of period	$	39,390
Change in plan assets:
Plan assets at fair value, date of acquisition		30,167
Actual return on plan assets		776
Employer contributions		2,253
Participant contributions		1,110
Benefits (paid) received		(3,959	)
Currency translation adjustment		1,617
Plan assets at fair value, end of period	$	31,965
Amounts recognized in consolidated balance sheets:
Other non-current assets:
Deferred tax asset	$	1,570
Other non-current liabilities:
Underfunded pension liability	$	7,425
Amounts recognized in accumulated other comprehensive income, net of tax:
Pension adjustment	$	1,443
Accumulated benefit obligation, end of period	$	35,581

Net periodic pension cost associated with the Swiss Plan in the fiscal year ended June 30, 2014 included the following components:

	Year Ended
	June 30, 2014
Service cost	$	3,375
Interest cost		812
Expected return on plan assets		(1,338	)
Net amortization		-
Net period pension cost	$	2,849

The projected and accumulated benefit obligations for the Swiss Plan were calculated as of June 30, 2014 using the following assumptions:

	Year Ended
	June 30, 2014
Discount rate		2.0	%
Salary increase rate		2.0	%
Expected return on plan assets		3.5	%
Expected average remaining working life (in years)		13.1

The Swiss Plan is legally separate from II-VI, as are the assets of the plan. As of June 30, 2014, the Swiss Plan’s asset allocation was as follows: