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Employee Benefit Plans
12 Months Ended
Jun. 30, 2021
Employee Benefit Plans [Abstract]  
Employee Benefit Plans 14.    EMPLOYEE BENEFIT PLANS

 

Substantially all domestic employees are participants in the Koss Employee Stock Ownership Trust ("KESOT") under which an annual contribution in either cash or common stock may be made at the discretion of the Board of Directors.  No contributions were made for the fiscal years 2021 or 2020. 

 

The Company maintains a retirement savings plan under Section 401(k) of the Internal Revenue Code.  This plan covers all employees of the Company who have completed one full fiscal quarter of service.  Matching contributions can be made at the discretion of the Board of Directors.  For fiscal years 2021 and 2020, the matching contribution was 25% and 75% of employee contributions to the plan, respectively.  Vesting of Company contributions occurs immediately.  Company contributions were $79,481 and $252,293 during 2021 and 2020, respectively.