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Celsion Employee Benefit Plans
12 Months Ended
Dec. 31, 2020
Postemployment Benefits [Abstract]  
Celsion Employee Benefit Plans

14. CELSION EMPLOYEE BENEFIT PLANS

 

Celsion maintains a defined-contribution plan under Section 401(k) of the Internal Revenue Code. The plan covers substantially all employees over the age of 21. Participating employees may defer a portion of their pretax earnings, up to the IRS annual contribution limit. The Company makes a matching contribution up to a maximum of 3% of an employee’s annual salary. The Company’s total matching contributions for the years ended December 31, 2020 and 2019 was $111,000 and $106,000, respectively. During 2020, the Company also provided a discretionary contribution totaling $178,000 which represented 6% of each eligible participant’s annual salary in 2020. This amount was paid in January 2021.