Annual report pursuant to Section 13 and 15(d)

Employee benefit plans

v3.20.2
Employee benefit plans
 12 Months Ended
Jul. 31, 2020
Retirement Benefits [Abstract]  
Employee benefit plans

Note 13 - Employee benefit plans


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, 2020, 2019, and 2018, 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 $839, $832, and $782 in fiscal years 2020, 2019, and 2018, respectively. As of July 31, 2020, 2019 and 2018 the Company accrued a total of $481, $475 and $493 in 401(k) matching contributions within the Accrued liabilities account.


The Company’s Swiss operations provide a pension plan named the Enzo Life Sciences (ELS) AG Vertrag - Nr. 2/401144, (the “Swiss Plan”) under the Swiss government’s social security system for Swiss employees. The current required minimum saving contribution is 13% for employees over age 25 and minimum annual investment return is 1.00%. Employees are required to contribute based on a formula and the Company’s Swiss operations make contributions of at least 40% of the employee contribution. The status of the Swiss Plan, which is substantially funded as of December 31, 2019, the latest plan year end, is as follows:


As of December 31,   2019     2018     2017  
Total Assets   $ 2,181     $ 2,064     $ 1,849  
Accumulated Benefit Obligation   $ 2,401     $ 2,308     $ 2,094  
Funded status     91 %     90 %     88 %

Fiscal Year ended July 31,   2019     2018     2017  
Employer contributions   $ 165     $ 208     $ 205  

The contract for the Swiss Plan automatically renews on its annual anniversary unless notice of termination is provided three months prior. The current contract will automatically renew on December 31, 2020. 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.