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Defined Contribution Benefit Plan
 12 Months Ended
May 31, 2022
Defined Contribution Benefit Plan
8. Defined Contribution Benefit Plan
The Company maintains a defined contribution 401(k) benefit plan covering substantially all domestic employees. Employees are permitted to defer compensation up to IRS limits, with Neogen matching 100% of the first 3% of deferred compensation and 50% of the next 2% of deferred compensation. In the first quarter of fiscal 2021, the Company suspended the 401(k) match, while we assessed the potential financial impact of
COVID-19 on the Company. The match was restored in September 2020. Neogen’s expense under this plan was $1,834,000, $1,204,000, and
$1,535,000 in fiscal years 2022, 2021 and 2020, respectively.