Defined Contribution Plan

The Company has a defined contribution plan that conforms to Section 401(k) of the Internal Revenue Code. Under this plan, employees may contribute a minimum of 1% of their compensation (no maximum) to the Plan. However, the Internal Revenue Code limited contributions to $19,500 (or $26,000 if aged 50 years or older) in 2020 and 2021. No employer matching contributions were made to the defined contribution plan in 2020 and 2021.

Supplemental Employee Retirement Plan

The benefit obligations related to the frozen SERP of $10.8 million and $10.2 million are reported in other long-term liabilities in the consolidated balance sheets as of December 31, 2020 and 2021, respectively. The Company contributed $0.5 million to the SERP in 2020 and 2021.

The SERP is summarized as follows:


	Year ended December 31,
	2020			2021
Change in Projected Benefit Obligation
Benefit obligation at beginning of year	$	9,723,866		$	10,805,326
Interest cost		279,778			222,849
Actuarial (gain) loss		1,345,943			(348,736	)
Benefits paid		(544,261	)		(491,622	)

Benefit obligation at end of year	$	10,805,326		$	10,187,817


Change in Plan Assets
Fair value of plan assets at beginning of year	$	—		$	—
Employer contribution		544,261			491,622
Benefits paid		(544,261	)		(491,622	)

Fair value of plan assets at end of year	$	—		$	—

Funded status	$	(10,805,326	)	$	(10,187,817	)
Unrecognized net actuarial loss		1,939,269			1,418,856

Cumulative employer contributions in excess of the net periodic pension cost	$	(8,866,057	)	$	(8,768,961	)


Amounts Recognized in the Statement of Financial Position
Current liabilities	$	(542,110	)	$	(545,575	)
Noncurrent liabilities		(10,263,216	)		(9,642,242	)

Net amount recognized	$	(10,805,326	)	$	(10,187,817	)


Amounts Recognized in Accumulated Other Comprehensive Income
Net actuarial loss	$	1,939,269	$	1,418,856

Total (before tax effects)	$	1,939,269	$	1,418,856



Information for Pension Plans about Benefit Obligation and Plan Assets
Projected benefit obligation	$	10,805,326	$	10,187,817
Accumulated benefit obligation	$	10,805,326	$	10,187,817

Weighted-average assumptions for Disclosure
Discount rate	2.10	%	2.50	%
Mortality table	Pri-2012 WC		Pri-2012 WC
Mortality improvement scale	MP-2020		MP-2021


Net periodic benefit cost
Interest cost	$	279,778	$	222,849
Recognized net actuarial (gain) loss		—		171,677

Net periodic benefit cost	$	279,778	$	394,526


Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net actuarial (gain) loss	$	1,345,943	$	(348,736	)
Recognized net actuarial (gain) loss		—		(171,677	)
Total recognized in other comprehensive income (before tax effects)	$	1,345,943	$	(520,413	)
Total recognized in net cost and other comprehensive income (before tax effects)	$	1,625,721	$	(125,887	)


Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year
(Gain) loss recognition	$	143,362	$	81,151
Prior service cost recognition	$	—	$	—
Net initial obligation (asset) recognition	$	—	$	—

Weighted-average assumptions used to determine Net Periodic Benefit Cost
Discount rate	2.95	%	2.10	%
Corridor	10.00	%	10.00	%
Average future working lifetime	6.48		5.43
Mortality table	Pri-2012		Pri-2012 WC
Mortality improvement scale	MP-2019		MP-2020


Estimated Future Benefit Payments
2022	$	545,575
2023	$	552,644
2024	$	584,237
2025	$	607,016
2026	$	607,137
2027-2031	$	2,966,661

Contributions

Estimated contributions for 2022