NOTE 7 – RETIREMENT BENEFITS
The Company has a voluntary 401(k) employee benefit plan, which covers all eligible, domestic employees. The Company makes
discretionary matching contributions subject to a maximum level, in accordance with the terms of the plan. The Company charged approximately $131,000 and $130,000 to expense under the provisions of the plan during the fiscal years 2012 and 2011,
The Company has a collective bargaining agreement covering production and maintenance employees at its Marquette, Iowa
facility. Under this agreement, the Company contributed approximately $90,000 in fiscal 2012 and $69,000 in fiscal 2011 to an employee pension fund. The amount contributed by the Company is based on an hourly rate per hours worked up to a maximum of
40 hours per week per employee. The Company has no other obligations with respect to this fund.