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Retirement Plans
 12 Months Ended
Dec. 31, 2022
Retirement Plans  
Retirement Plans

Note 17—Retirement Plans

The Company has an Employee saving plan/401(k), supplemental executive retirement plans and post-retirement benefits plans. The effect to income from operations with regard to all of the Company’s retirement plans were as follows:

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Year Ended December 31,

 

(Dollars in thousands)

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2022

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2021

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2020

 

Employee savings plan/ 401(k)

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$

15,357

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$

14,991

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$

10,962

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Supplemental executive retirement plan

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(1,510)

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3,475

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2,862

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Post-retirement benefits

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(108)

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67

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43

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$

13,739

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$

18,533

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$

13,867

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The Company and its subsidiaries have a Safe Harbor plan. Under the plan, electing employees are eligible to participate after attaining age 18. Plan participants elect to contribute portions of their annual base compensation in any combination of pre-tax deferrals or Roth post-tax deferrals subject to the annual IRS limit. Employer contributions may be made from current or accumulated net profits. Participants may elect to contribute 1% to 50% of annual base compensation as a pre-tax contribution. Employees participating in the plan receive a 100% matching of their 401(k) plan contribution, up to 4% of salary.

Employees can enter the savings plan on or after the first day of each month. The employee may enter into a salary deferral agreement at any time to select an alternative deferral amount or to elect not to defer in the Plan. If the employee does not elect an investment allocation, the plan administrator will select a retirement-based portfolio according to the employee’s number of years until normal retirement age. The plan’s investment valuations are generally provided on a daily basis.