Annual report pursuant to Section 13 and 15(d)

Note 18 - Employee Retirement Programs

v3.20.2
Note 18 - Employee Retirement Programs
 12 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Retirement Benefits [Text Block]
(
18
)
Employee
Retirement
Programs
 
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.