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401(K) RETIREMENT SAVINGS PLAN
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
401(K) RETIREMENT SAVINGS PLAN
17. 401(K) RETIREMENT SAVINGS PLAN
 
The Company maintains a 401(k) Retirement Savings Plan ("Retirement Savings Plan") that covers substantially all employees of the Company. The Retirement Savings Plan allows employees to direct their own investments among a selection of investment alternatives and is funded by employee elective deferrals, employer matching contributions and employer discretionary contributions.
 
The Company has the option of making regular matching contributions on employee's elective deferrals. The Company has sole discretion in determining the percentage to be matched, subject to limitations of the Internal Revenue Code. From January 1, 2020 to June 30, 2020, the Company matched 100% of an employee's elective deferrals, up to 4% of the employee's pay each pay period. Effective July 1, 2020, matching contributions were temporarily suspended due to economic uncertainty in the wake of the COVID-19 pandemic. In lieu of matching contributions, an equity grant of the Company's common stock was granted to all 401(k)-eligible employees as of June 30, 2020 that will vest ratably over three years. The equity grants were made outside of the Retirement Savings Plan.

From January 1, 2021 through June 30, 2021, matching contributions remained suspended. Effective July 1, 2021 through December 31, 2021, we matched 100% of an employees effective deferrals, up to 2% of the employee's pay each pay period. Effective January 1, 2022 through December 31, 2022, we matched 100% of an employees effective deferrals, up to 4% of the employee's pay each pay period.

The Company also has the option of making discretionary contributions into the Retirement Savings Plan and has sole discretion in determining the discretionary contribution, subject to limitations of the Internal Revenue Code. On December 31, 2020, the Company made a discretionary contribution to all 401(k)-eligible employees, excluding Executive Committee and Managing Committee members, of 2% of the employee's eligible compensation, up to $1,250 per employee. The Company did not make any discretionary contributions in 2022 and 2021.
Total contributions to the Retirement Savings Plan totaled $2.4 million, $0.5 million and $2.1 million in 2022, 2021 and 2020, respectively.