Annual report pursuant to Section 13 and 15(d)

Note 15 - Profit Sharing Plan

v3.6.0.2
Note 15 - Profit Sharing Plan
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Pension and Other Postretirement Benefits Disclosure [Text Block]
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
2016
and
2015,
the Company contributed approximately
$307,000
and
$303,000
in
401(k)
matching funds, respectively.