Annual report pursuant to Section 13 and 15(d)

Note 8 - Employee Benefit Plan

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Note 8 - Employee Benefit Plan
 12 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Retirement Benefits [Text Block]

NOTE 8  –  EMPLOYEE BENEFIT PLAN

 

Clearfield, Inc. maintains a contributory 401(k) profit sharing benefit plan, whereby eligible employees may contribute a portion of their earnings, not to exceed annual amounts allowed under the Internal Revenue Code.  The Company matched 100% of the first 3% and 50% of the next 3% of the participant’s eligible compensation that was contributed by the participant.  The Company’s contributions under this plan were $1,129,000, $915,000 and $839,000 for the years ended September 30, 2022, 2021 and 2020, respectively.

 

Nestor Cables is mandated by the Finnish government to participate in a pension and social expense plan to which Nestor and its employees make contributions. The plan is accounted for as defined contribution plan and Nestor Cables is responsible for an average of 17.45% of employees wages. Nestor’s contributions under this plan were $204,000 under the plan for the year ended September 30, 2022.