Annual report pursuant to Section 13 and 15(d)

Employee benefit plan

v2.4.0.6
Employee benefit plan
 12 Months Ended
Jul. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 10 - Employee benefit plan


The Company has a qualified Salary Reduction Profit Sharing Plan (the “Plan”) for eligible U.S. employees under Section 401(k) of the Internal Revenue Code. The Plan provides for voluntary employee contributions through salary reduction and voluntary employer contributions at the discretion of the Company. For the years ended July 31, 2012, 2011, and 2010, the Company authorized employer matched contributions of 50% of the employees’ contribution up to 10% of the employees’ compensation, payable in Enzo Biochem, Inc. common stock. The share-based 401(k) employer matched contribution was approximately $649, $690, and $1,115 in fiscal years 2012, 2011, and 2010, respectively.


The Company’s Swiss operations provide a pension plan named the Enzo Life Sciences (ELS) AG Vertrag - Nr. 601013, (the “Swiss Plan”) under the Swiss government’s social security system for Swiss employees. The current required minimum contribution is 8% and minimum annual investment return is 2%. Employees are required to contribute based on a formula and the Company’s Swiss operations make contributions of at least 50% of the employee contribution. The status of the Swiss Plan, which is substantially funded as of December 31, 2011, the latest plan year end, is as follows:


                         

As of December 31,

 

2011

 

 

2010

 

 

2009

 

 

 

 

 

 

 

 

Total Assets

 

$

3,247,099

 

 

$

3,080,281

 

 

$

2,802,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Benefit Obligation

 

$

3,224,370

 

 

$

3,083,361

 

 

$

2,754,853

 

 

 

 

 

 

 

 

Funded status

 

 

99.30

%

 

 

100.1

%

 

 

98.3

%

 


                         

Fiscal Year ended July 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contributions

 

$

483,000

 

 

$

480,000

 

 

$

408,000

 

 

 

 

 

 

 

 


The Swiss Plan’s contract expires December 31, 2014 and currently the Company has no plans to change the current funding or plan design. No events have occurred that would impact the Swiss Plan status.