Benefit Plans

12 Months Ended

Dec. 31, 2020

Benefit Plans

Benefit Plans

4. Benefit Plans

The Company has a defined contribution retirement plan (the “401(k) Plan”). Employee participants can elect to contribute up to 75 percent of their compensation, subject to Internal Revenue Service (“IRS”) deferral limitations. The Company makes contributions to the 401(k) Plan based on employee compensation and contributions. The Company matches 50 percent of each employee’s contribution up to 6 percent of their annual compensation. The Company recognized $14.9 million, $15.2 million and $18.1 million of expense for the years ended December 31, 2018, 2019 and 2020, respectively, for matching contributions to the 401(k) Plan.