Employees' Retirement Plan |
9 Months Ended |
|---|---|
Apr. 30, 2026 | |
| Retirement Benefits [Abstract] | |
| Employees' Retirement Plan | 6. Employees’ Retirement Plan:
The Company sponsors a noncontributory Money Purchase Plan (the “Plan”) covering substantially all its non-union employees. Operations were charged $22,697 and $230,753 as contributions to the Plan for the three and nine months ended April 30, 2026, respectively, and $110,729 and $332,186 for the three and nine months ended April 30, 2025, 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 $21,159 and $64,693 for the three and nine months ended April 30, 2026, respectively, and $22,809 and $66,352 for the three and nine months ended April 30, 2025, 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. The legal name of the pension plan is “United Food and Commercial Workers Local 888 Pension Fund”.
Under the pension fund’s rehabilitation plan expiring November 30, 2028, effective May 1, 2026, the Company pays a minimum contribution rate equal to 20.70% of each covered employee’s pay. The contract also covers rates of pay, hours of employment and other conditions of employment for approximately 21% of the Company’s 24 employees. The Company considers that its labor relations with its employees and union are good. |