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 $23,000 and $23,500 (or $30,500 and $31,000 if aged 50 years or older) in 2024 and 2025, respectively. No employer matching contributions were made to the defined contribution plan in 2024 and 2025.

The benefit obligations related to the frozen SERP of $7.3 million are reported in other long-term liabilities, of which $0.6 million was reclassified to other current liabilities, in the consolidated balance sheets as of December 31, 2024 and 2025. The Company contributed $0.5 million to the SERP in both 2024 and 2025.

The SERP is summarized as follows:


	Year ended December 31,
	2024			2025
Change in Projected Benefit Obligation
Benefit obligation at beginning of year	$	8,006,835		$	7,311,259
Interest cost		355,194			375,780
Actuarial (gain) loss		(567,611	)		168,352
Benefits paid		(483,159	)		(506,208	)
Benefit obligation at end of year	$	7,311,259		$	7,349,183


Change in Plan Assets
Fair value of plan assets at beginning of year	$	—		$	—
Employer contribution		483,159			506,208
Benefits paid		(483,159	)		(506,208	)
Fair value of plan assets at end of year	$	—		$	—

Funded status	$	(7,311,259	)	$	(7,349,183	)
Unrecognized net actuarial loss		(1,031,774	)		(801,573	)
Cumulative employer contributions in excess of the net periodic pension cost	$	(8,343,033	)	$	(8,150,756	)


Amounts Recognized in the Statement of Financial Position
Current liabilities	$	(603,693	)	$	(615,005	)
Noncurrent liabilities		(6,707,566	)		(6,734,178	)
Net amount recognized	$	(7,311,259	)	$	(7,349,183	)


Amounts Recognized in Accumulated Other Comprehensive Income
Net actuarial (gain) loss	$	(1,031,774	)	$	(801,573	)
Total (before tax effects)	$	(1,031,774	)	$	(801,573	)


Information for Pension Plans about Benefit Obligation and Plan Assets
Projected benefit obligation	$	7,311,259	$	7,349,183
Accumulated benefit obligation	$	7,311,259	$	7,349,183


Weighted-Average Assumptions for Disclosure
Discount rate		5.35	%		5.10	%
Mortality table	Pri-2012 WC			Pri-2012 WC
Mortality improvement scale	MP-2021			MP-2021


Net Periodic Benefit Cost
Interest cost	$	355,194	$	375,780
Recognized net actuarial (gain) loss		—		(61,849	)
Net periodic benefit cost	$	355,194	$	313,931


Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net actuarial (gain) loss	$	(567,611	)	$	168,352
Recognized net actuarial (gain) loss		—			61,849
Total recognized in other comprehensive income (before tax effects)	$	(567,611	)	$	230,201

Total recognized in net cost and other comprehensive income (before tax effects)	$	(212,417	)	$	544,132


Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year
(Gain) loss recognition	$	(65,932	)	$	(16,581	)
Prior service cost recognition	$	—		$	—
Net initial obligation (asset) recognition	$	—		$	—


Weighted-average assumptions used to determine Net Periodic Benefit Cost
Discount rate		4.70	%		5.35	%
Corridor		10.00	%		10.00	%
Average future working lifetime		5.06			4.52
Mortality table	Pri-2012 WC			Pri-2012 WC
Mortality improvement scale	MP-2021			MP-2021


Estimated Future Benefit Payments
2026	$	615,005
2027	$	608,931
2028	$	610,848
2029	$	609,282
2030	$	607,898
2031-2035	$	2,847,701