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Employee Retirement and Benefit Plans
12 Months Ended
Dec. 31, 2021
Employee Retirement and Benefit Plans  
10- Employee Retirement and Benefit Plans

(10)  Employee Retirement and Benefit Plans

 

We sponsor a defined contribution 401(k) plan for all employees. Each participant may contribute certain amounts of eligible compensation. We make a matching contribution to the plan. Our contributions under this plan were $980 thousand in 2021, $917 thousand in 2020, and $845 thousand in 2019.

 

The Company has a Nonqualified Deferred Compensation Plan for certain key management or highly-compensated employees. The plan allows for the deferral of salary and bonus compensation until retirement or other specified payment events occur. Employees’ deferred compensation amounts are deemed to be invested in certain investment funds, indexes, or vehicles selected by our Compensation Committee and designated by each participant and their deferral balances are adjusted for earnings based upon the performance of these deemed investments. Our deferred compensation obligation under the plan was $2.031 million at December 31, 2021 and $1.544 million at December 31 2020. These amounts are reflected in “Other Liabilities and Deferred Credits” in the accompanying consolidated balance sheets.