|12 Months Ended|
Jun. 30, 2021
|Retirement Benefits [Abstract]|
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.
Tabular disclosure of pension and other postretirement benefit arrangements with individual employees, which are generally based on employment contracts between the entity and one or more selected officers or key employees, and which contain a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period and the carrying amount as of the balance sheet date of the related liability.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef