Annual report pursuant to Section 13 and 15(d)

Employee benefit plan

v3.3.0.814
Employee benefit plan
 12 Months Ended
Jul. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 11 - 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, 2015, 2014, and 2013, 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 $662, $636, and $643 in fiscal years 2015, 2014, and 2013, respectively.


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 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, 2014, the latest plan year end, is as follows:


As of December 31,   2014     2013     2012  
Total Assets   $ 2,132     $ 2,531     $ 2,965  
                         
Accumulated Benefit Obligation   $ 2,421     $ 2,697     $ 3,064  
Funded status     88 %     94 %     97 %
                         

Fiscal Year ended July 31,     2014       2013       2012  
                         
Contributions   $ 279     $ 467     $ 521  

The Swiss Plan’s contract expires December 31, 2019 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.