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Retirement And Profit Sharing Plans | 12 Months Ended
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Jul. 31, 2011
Retirement And Profit Sharing Plans |
Retirement And Profit Sharing Plans |
18. | Retirement and Profit Sharing Plans
The Company maintains a defined contribution retirement plan (the "Retirement Plan"), qualified under Section 401(k) of the Internal Revenue Code, for its employees. Under this Retirement Plan, employees are eligible to make before-tax contributions on the first day of the calendar month following the later of: (i) their employment commencement date or (ii) the date they turn 21. Participants may contribute up to 100% of their qualifying annual compensation up to the annual maximum specified by the Internal Revenue Code. Prior to January 1, 2009, the Company matched an amount equal to 50% of each participant's contribution up to 6% of a participant's bi-weekly qualifying compensation upon obtaining the later of: (i) 12 consecutive months of employment and 1,000 service hours or (ii) 1,500 service hours since the employment commencement date. On January 1, 2009, the Company suspended making matching contributions to the Retirement Plan. On April 1, 2010, the Company partially reinstated its matching contributions to the Retirement Plan and plans to fully reinstate its matching contributions ratably over a three year period. The Company's matching contribution is entirely discretionary and may be fully reinstated, reduced or eliminated at any time. Total Retirement Plan expense recognized by the Company for the years ended July 31, 2011, 2010 and 2009 was $1.5 million, $0.4 million and $1.3 million, respectively.

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- Definition Entire disclosure for defined contribtuion plan. A defined contribution plan provides benefits in return for services rendered, provides an individual account for each participant, and has terms that specify how contributions to the individual's account are to be determined rather than the amount of benefits the individual is to receive. Disclosure includes a description of the terms and benefits provided by the employer's defined contribution plans. + Details
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- Details
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