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EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS

10. EMPLOYEE BENEFIT PLANS

 

Defined Contribution and 401(K) Plans

 

The Company maintains a qualified non-contributory profit-sharing plan (the “Plan”) covering all eligible employees. There were $474,000, $441,000, and $430,000 of contributions accrued for the Plan in 2022, 2021 and 2020 respectively, which were charged to expense in those respective years.

 

Contributions to the Plan are defined as three percent (3%) of gross wages up to the current Old Age, Survivors, and Disability (OASDI) limit and six percent (6%) of the excess over the OASDI limit, subject to the maximum allowed under the Employee Retirement Income Security Act (ERISA). Participant balances vest over six years.

 

The Company also maintains a savings and retirement plan qualified under Internal Revenue Code Section 401(k) for all employees. Employees are eligible to participate in the Plan the first day of the month following date of hire. Participants may elect to have up to fifty percent (50%) of their compensation withheld, up to the maximum allowed by the Internal Revenue Code. After completing one year of service, the Company contributed an additional amount equal to 50% of all employee contributions, up to a maximum of 6% of an employee’s gross wages. Contributions are funded on a current basis. Contributions to the Plan charged to expense for the years ended December 31, 2022, 2021 and 2020 were $319,000, $315,000, and $295,000, respectively. The participant’s Company contribution vests ratably over six years.