Employee Benefit Plan

12 Months Ended

Dec. 31, 2023

Employee Benefit Plan

Employee Benefit Plan

17. Employee Benefit Plan

The Company maintains a 401(k) retirement plan covering substantially all officers and employees of the Company, which permits participants to defer up to the maximum allowable amount determined by the IRS of their eligible compensation.

In 2021, the 401(k) retirement plan was amended to include a matching contribution. The plan provides for employer matching contributions of 100% up to the first 3% of eligible compensation. For contributions in excess of 3%, the plan provides for employer matching contributions of 50% up to the next 2%, but not more than 5%, of eligible compensation. The Company’s matching contributions expensed under the plan were $0.8 million, $0.7 million and $0.1 million in 2023, 2022 and 2021, respectively. As part of the Pension Plan termination in 2014, the Company also recorded an expense of $1.2 million during 2021, related to the final allocation of the Pension Plan’s surplus assets to 401(k) plan participants.