Annual report pursuant to Section 13 and 15(d)

PROFIT SHARING PLAN

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PROFIT SHARING PLAN
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
PROFIT SHARING PLAN

NOTE 15

PROFIT SHARING PLAN

 

The Company adopted a 401(k) Plan in 1992, which is intended to comply with Section 401 of the Internal Revenue Code and the provisions of the Employee Retirement Income Security Act of 1974. All full-time employees who have attained the age of 18 are eligible to participate in the 401(k) Plan. Eligibility is immediate upon employment but enrollment is only allowed during four quarterly open periods of January 1, April 1, July 1, and October 1. Participating employees may make annual pretax contributions to their accounts up to 100% of their compensation, up to a maximum amount as limited by law. The Company, at its discretion, may make matching contributions of 25% based on the employee’s elective contributions. Company contributions vest over a period of five years. In 2023 and 2022, the Company contributed approximately $576,000 and $575,000 in 401(k) matching funds, respectively.