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Simple IRA Plan
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Simple IRA Plan

7. Simple IRA Plan

 

On October 26, 2000, the board of directors approved a Simple IRA Plan (the “IRA Plan”) to attract and retain valuable executives. The IRA Plan allows for participation by up to 100 eligible employees of the Company. Under the IRA Plan, eligible employees may contribute a portion of their pre-tax yearly salary, up to the maximum contribution limit for Simple IRA Plans as set forth under the Internal Revenue Code of 1986, as amended, with the Company matching on a dollar-for-dollar basis up to 3% of the employees’ annual pre-tax compensation. These thresholds are subject to change under notice by the trustee for the IRA Plan. The Company is not responsible for any other costs under the IRA Plan. For the years ended December 31, 2023 and 2022, the Company contributed $19,554 and $18,985, respectively, as matching contributions to the IRA Plan.