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Employee Benefit Plans
12 Months Ended
Dec. 26, 2021
Employee Benefit Plans  
Employee Benefit Plans

21. Employee Benefit Plans

We have established the Papa John’s International, Inc. 401(k) Plan (the “401(k) Plan”), as a defined contribution benefit plan, in accordance with Section 401(k) of the Internal Revenue Code. The 401(k) Plan is open to employees who meet certain eligibility requirements and allows participating employees to defer receipt of a portion of their compensation and contribute such amount to one or more investment funds. At our discretion, we may make matching contribution payments, which are subject to vesting based on an employee’s length of service with us.

In addition, we maintain a non-qualified deferred compensation plan available to certain employees and directors. Under this plan, the participants may defer a certain amount of their compensation, which is credited to the participants’ accounts. The participant-directed investments associated with this plan are included in Other assets ($41.9 million and $37.6 million at December 26, 2021 and December 27, 2020, respectively) and the associated liabilities ($36.2 million and $35.8 million at December 26, 2021 and December 27, 2020, respectively) are included in Other long-term liabilities in the accompanying Consolidated Balance Sheets.

At our discretion, we contributed a matching payment of 4.0% in 2021, 2.1% in 2020 and 2.1% in 2019, up to a maximum of 6% of a participating employee’s earnings deferred into both the 401(k) Plan and the non-qualified deferred compensation plan. Such costs were $3.5 million in 2021, $1.8 million in 2020 and $1.5 million in 2019.