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Defined Contribution Plan
 12 Months Ended
Jun. 30, 2023
Defined Contribution Plan  
Defined Contribution Plan

11. Defined Contribution Plan

 

The Company provides retirement benefits to its U.S.-based employees through a defined contribution retirement plan. Until February 24, 2023, these benefits were offered under the Insperity 401(k) plan (the “Insperity Plan”). The Insperity Plan was a defined 401(k) contribution plan that all U.S. employees, over the age of 21, are eligible to participate in after three months of employment. Under the Insperity Plan, the Company matched 100% of the first 2% of employee contributions. Effective February 24, 2023, all plan assets were transferred to the LightPath Technologies Inc. 401(k) plan (the “LightPath Plan”). The LightPath Plan is adefined 401(k) contribution plan, administered by a third party, that all U.S. employees, over the age of 21, are eligible to participate in after three months of employment. Under the LightPath Plan, the Company matches 100% of the first 2% of employee contributions. As of June 30, 2023, there were 57 employees enrolled in this plan. The Company made matching contributions of approximately $121,000 and $123,000 during the years ended June 30, 2023 and 2022, respectively.