Retirement Plans

12 Months Ended

Mar. 31, 2019

Retirement Plans

Retirement Plans

Note 12. Retirement Plans

The Company has a 401(k) plan that covers all eligible employees. Contributions to the plan can be made by employees and the Company may make matching contributions at its discretion. Expense related to this matching contribution was $957,100,  $928,100, and $621,600 during fiscal years 2019, 2018, and 2017, respectively. As of March 31, 2019, plan assets included 171,300 shares of common stock of the Company.

The Company maintains a Supplemental Executive Retirement Plan for Robert B. Barnhill, Jr., the Company’s Chairman of the Board. This plan is funded through life insurance policies for which the Company is the sole beneficiary. The cash surrender value of the life insurance policies and the net present value of the benefit obligation of approximately $2,326,800 and $853,400, respectively, as of March 31, 2019 and $2,204,500 and $901,400, respectively, as of April 1, 2018, are included in other long-term assets and other long-term liabilities, respectively, in the accompanying Consolidated Balance Sheets.