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Employee Benefit Plans
12 Months Ended
Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans
EMPLOYEE BENEFIT PLANS
A. Defined Contribution Savings Plans. The Company sponsors a 401(k) savings plan covering eligible full-time U.S. employees of the Company. This plan provides a base contribution plus Company matching contributions on a portion of employee contributions. The costs recorded by the Company for this plan were $24.9 million, $22.1 million and $21.6 million for the fiscal years ended June 30, 2015, 2014 and 2013, respectively. A new Executive Retirement and Savings Plan (the “ERSP”) was adopted effective January 1, 2015 for those executives who are not participants in the Broadridge SORP or Broadridge SERP (defined below). The ERSP is a defined contribution plan that allows eligible full-time U.S. employees to defer compensation until a later date and the Company will match a portion of the deferred compensation above the qualified defined contribution compensation and deferral limitations. The costs recorded by the Company for this plan was $0.4 million for the fiscal year ended June 30, 2015.
B. Defined Benefit Pension Plans. The Company sponsors a Supplemental Officer Retirement Plan (the “Broadridge SORP”). The Broadridge SORP is a defined benefit plan pursuant to which the Company will pay supplemental pension benefits to certain key officers upon retirement based upon the officers’ years of service and compensation. The amount charged to expense for the Broadridge SORP was $2.7 million, $2.9 million and $3.4 million during the fiscal years ended June 30, 2015, 2014 and 2013, respectively. The Broadridge SORP is currently unfunded, and the benefit obligation under this plan was $25.3 million, $21.0 million and $17.0 million at June 30, 2015, 2014 and 2013, respectively. The Broadridge SORP was closed to new participants in fiscal year 2015.
The Company also sponsors a Supplemental Executive Retirement Plan (the “Broadridge SERP”). The Broadridge SERP is a defined benefit plan pursuant to which the Company will pay supplemental pension benefits to certain key executives upon retirement based upon the executives’ years of service and compensation. The amount charged to expense for the Broadridge SERP was $0.6 million, $0.5 million and $0.5 million during the fiscal years ended June 30, 2015, 2014 and 2013, respectively. The Broadridge SERP is currently unfunded, and the benefit obligation under this plan was $2.7 million, $2.3 million and $1.5 million at June 30, 2015, 2014 and 2013, respectively. The Broadridge SERP was closed to new participants in fiscal year 2015.
C. Other Post-retirement Benefit Plan. The Company sponsors an Executive Retiree Health Insurance Plan. It is a post-retirement benefit plan pursuant to which the Company helps defray the health care costs of certain eligible key executive retirees and qualifying dependents, based upon the retirees’ age and years of service, until they reach the age of 65. The amount charged to expense under this plan was $0.2 million for each of the fiscal years ended June 30, 2015, 2014 and 2013. The plan is currently unfunded, and the benefit obligation under this plan was $3.9 million, $3.2 million and $3.0 million at June 30, 2015, 2014 and 2013, respectively.