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Defined Contribution Plans
3 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
DEFINED CONTRIBUTION PLANS

NOTE 13 - DEFINED CONTRIBUTION PLANS

 

In August 2016, Bantec established a qualified 401(k) plan with a discretionary employer matching provision. All employees who are at least twenty-one years of age and no minimum service requirement are eligible to participate in the plan. The plan allows participants to defer up to 90% of their annual compensation, up to statutory limits. Employer contributions charged to operations for the three months ended December 31, 2021 and 2020, was $0 and $0, respectively.

 

The Company’s subsidiary, Howco, is the sponsor of a qualified 401(k) plan with a safe harbor provision. All employees are eligible to enter the plan within one year of the commencement of employment. Employer contributions charged to expense for the three months ended December 31, 2021 and 2020, was $1,835 and $2,971, respectively.