Annual report pursuant to Section 13 and 15(d)

Retirement Plan

v3.21.2
Retirement Plan
12 Months Ended
Jun. 30, 2021
Retirement Benefits [Abstract]  
Retirement Plan

18. Retirement Plan

The Company has participatory deferred compensation plans under which it matches half of employee contributions up to 6% of an eligible employee’s yearly compensation on a discretionary basis. In response to the ongoing COVID-19 pandemic, the Company reduced its match in fiscal 2021 to one quarter of employee contributions up to 6% of an eligible employee’s yearly compensation, with a limit of a match of 1% of an eligible employee’s yearly compensation. Employees are eligible to participate in the plans after one year of service. The Company contributed approximately $171,000 and $491,000 to the plans during fiscal 2021 and fiscal 2020, respectively. The plans are qualified plans under Section 401(k) of the Internal Revenue Code.