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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2023
Employee Benefit Plans |
EMPLOYEE BENEFIT PLANS | NOTE 13. EMPLOYEE BENEFIT PLANS 401(k) Plan Busey provides retirement benefits under its 401(k) Plan. All Busey associates who meet certain age requirements are eligible to participate in the 401(k) Plan. There is no waiting period for participation in the 401(k) Plan. The 401(k) Plan is funded primarily through participant contributions via payroll deductions. The 401(k) Plan offers two contribution options: (1) the traditional option allows plan participants to elect pre-tax contributions, and (2) the Roth option allows plan participants to elect after tax contributions. Plan participants may elect to make traditional and/or Roth 401(k) contributions, up to the annual deferral and catch-up limits established by the Internal Revenue Service. Busey supplements participant contributions by making Safe Harbor matching and discretionary profit sharing contributions to the 401(k) Plan. Safe Harbor Match Busey makes Safe Harbor matching contributions to the 401(k) Plan equal to 100% of the first 3% of eligible participant contributions and 50% of the next 2% of eligible participant contributions. The rights of participants in Safe Harbor matching contributions vest immediately. Profit Sharing All associates who meet certain age and service requirements are eligible to participate in Busey's profit-sharing contributions. Discretionary profit-sharing contributions and related expenses, if any, are approved solely by the First Busey Corporation board of directors, and in no case may annual contributions be greater than the amounts deductible for federal income tax purposes for that year. The rights of participants in profit-sharing contributions vest ratably over a five-year period. 401(k) Plan Expenses Expenses related to Busey’s employee benefit plans, reported in salaries, wages, and employee benefits in the accompanying Consolidated Statements of Income, are summarized in the table below (dollars in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
401(k) Plan expenses |  |  |  |  |
Safe Harbor match expenses | $ | 3,745 |  |  | $ | 4,094 |  |  | $ | 3,708 |
Profit-sharing expenses | 3,031 |  |  | 2,960 |  |  | 2,823 |
Total 401(k) Plan expenses | $ | 6,776 |  |  | $ | 7,054 |  |  | $ | 6,531 |

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- Definition Disclosure pertaining to the employee benefit plans of the entity. Such plans may include employee stock ownership plans and profit-sharing plans. + References No definition available. + Details
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