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CELSION EMPLOYEE BENEFIT PLANS
12 Months Ended
Dec. 31, 2021
Retirement 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, 2021 and 2020 was $107,000 and $111,000, respectively. The Company also provided a discretionary contribution totaling $172,000 and $178,000 in 2021 and 2020, respectively. The discretionary contribution represented 5% both years of each eligible participant’s annual salary in 2021 and 2020, respectively. Each year’s discretionary contribution was paid out in January of the following year.