Note 18 - Employee Retirement Programs |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2020 | |||
Notes to Financial Statements | |||
Retirement Benefits [Text Block] |
The Ethan Allen Retirement Savings Plan
(the
“401 (k) Plan”)The Company established its 401 (k) Plan in 1994. The 401 (k) Plan is a defined contribution plan covering all full-time, United States employees and is subject to the provisions of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 (“IRC”). All United States employees of the Company are eligible to participate in the 401 (k) Plan on the first day of any subsequent April,
July,
October or January coincident with or next following the three -month anniversary of their date of hire. Each year, participants may contribute up to 100% of their eligible annual compensation, subject to annual limitations established by the IRC. We may, at our discretion, make a matching and profit-sharing contribution to the 401 (k) Plan on behalf of each eligible participant, which vests immediately. The Company contributed $2.9 million, $3.4 million and $3.4 million in matching and profit-sharing contributions to employee 401 (k) accounts during fiscal 2020, 2019 and 2018, respectively.Other Retirement Benefits Ethan Allen provides additional benefits to select management in the form of deferred compensation arrangements. The total cost of these benefits were immaterial to the Company during each period presented. |