Employees’ Retirement Plan |
3 Months Ended |
|---|---|
Oct. 31, 2025 | |
| Retirement Benefits [Abstract] | |
| Employees’ Retirement Plan | 6. Employees’ Retirement Plan:
The Company sponsors a noncontributory Money Purchase Plan (the “Plan”) covering substantially all its non-union employees. Operations were charged $110,664 and $110,728 as contributions to the Plan for the three months ended October 31, 2025 and 2024, respectively.
Multi-employer plan:
The Company contributes to a union sponsored multi-employer pension plan covering its union employees. The Company contributions to the pension plan were $23,505 and $21,461 for the three months ended October 31, 2025 and 2024, respectively. Contributions and costs are determined in accordance with the provisions of negotiated labor contracts or terms of the plans. The Company also contributes to a union sponsored health benefit plan.
Contingent Liability for Pension Plan:
Information as to the Company’s portion of accumulated plan benefits and plan assets is not reported separately by the pension plan. Under the Employee Retirement Income Security Act, upon withdrawal from a multi-employer benefit plan, an employer is required to continue to pay its proportionate share of the plan’s unfunded vested benefits, if any. Any liability under this provision cannot be determined: however, the Company has not made a decision to withdraw from the plan. The legal name of the pension plan is “United Food and Commercial Workers Local 888 Pension Fund”.
Under the pension fund’s rehabilitation plan, which expired November 30, 2025 and is currently being negotiated, the Company pays a minimum contribution rate equal to 20.50% of each covered employee’s pay. The contract also covers rates of pay, hours of employment and other conditions of employment for approximately 18.5% of the Company’s 27 employees. The Company considers that its labor relations with its employees and union are good. |