XML 34 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Profit Sharing and 401(K) Plans
12 Months Ended
May 31, 2012
Profit Sharing and 401(K) Plans and Retirement and Death Benefit Plans [Abstract]  
Profit Sharing and 401(K) Plans
NOTE 11   Profit Sharing and 401(K) Plans

The Corporation has two defined contribution profit sharing plans (“Plans”), which together cover substantially all of its employees. The Corporation has the right to modify, suspend or discontinue contributions. Assets of the Plans are invested primarily in mutual funds which have as underlying assets United States Government Securities. No contributions were made for the fiscal years ended May 31, 2012 and 2011.

The Corporation has an employee savings plan (the “401(k) Plan”) that is intended to provide participating employees with an additional method of saving for retirement. The 401(k) Plan covers all employees who meet certain minimum participation requirements. The Corporation does not currently provide a matching contribution to the 401(k) Plan.

On June 1, 2012, the assets of the two Profit Sharing Plans merged into the 401(k) Plan. Additional information regarding the merger is located in the “Defined Contribution Profit Sharing and 401(k) Plan” section of the Corporation’s 2012 Proxy Statement.