Quarterly report pursuant to Section 13 or 15(d)

9. RETIREMENT PLAN

v3.21.1
9. RETIREMENT PLAN
9 Months Ended
Feb. 28, 2021
Notes  
9. RETIREMENT PLAN

9. RETIREMENT PLAN 

 

The Company had three separate 401(k) plans up to July 31, 2020. In each Plan employees could contribute up to a maximum permitted by law. For one of the plans, the Company had the discretionary option of matching employee contributions. The second plan was a Safe Harbor Plan where up to first 3% contribution was matched at 100% and additional 2% contribution at 50% match. The third plan allowed for maximum of 100% match.

 

Effective August 1, 2020 the Company consolidated its 401(k) plans into two plans, in one of which the Company has the discretionary option of matching employee contributions and in the other the Company matches 20% on the first 100% contribution. In either Plan, employees can contribute 1% to 98% of gross salary up to a maximum permitted by law.

 

The Company recorded expense of $21,140 and $33,867 for the three and nine months ended February 28, 2021, respectively, and $0 for the period from October 28, 2019 (inception) through February 29, 2020.