Employees' Retirement Plan |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||
| Employees' Retirement Plan | 7. Employees' Retirement Plan:
The Company sponsors a noncontributory Money Purchase Plan covering substantially all its non-union employees. Operations were charged $113,500 and $112,531 as contributions to the Plan for the three months ended October 31, 2022 and 2021, respectively.
Multi-employer plan:
The Company contributes to a union sponsored multi-employer pension plan covering its union employees. The Company contributions to the pension plan were $27,281 and $16,413 for the three months ended October 31, 2022 and 2021, respectively. Contributions and costs are determined in accordance with the provisions of negotiated labor contracts or terms of the plans. The Company also contributes to a union sponsored health benefit plan.
Contingent Liability for Pension Plan:
Information as to the Company’s portion of accumulated plan benefits and plan assets is not reported separately by the pension plan. Under the Employee Retirement Income Security Act, upon withdrawal from a multi-employer benefit plan, an employer is required to continue to pay its proportionate share of the plan’s unfunded vested benefits, if any. Any liability under this provision cannot be determined: however, the Company has not made a decision to withdraw from the plan.
Information for contributing employer’s participation in the multi-employer plan:
For the plan years 2019 through November 30, 2021, under the pension fund’s rehabilitation plan, the Company agreed to pay a minimum contribution rate equal to a 9% increase over the prior year total contribution rate. Effective December 1, 2021 through the contract expiration date of November 30, 2022, the Company’s contribution rate is 19.66% of each covered employee’s pay. Effective December 1, 2022, the contract was renewed and extended through November 30, 2025. The company will continue to pay the contribution rate required under the pension fund’s rehabilitation plan, currently 19.66% of each covered employee’s pay. The contract also covers rates of pay, hours of employment and other conditions of employment for approximately 27% of the Company’s 31 employees. The Company considers that its labor relations with its employees and union are good. |