EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 19. EMPLOYEE BENEFIT PLANS  

401(k) Plan  

The Management Company maintains a 401(k) profit sharing plan, which is qualified under Section 401(a) and Section 401(k) of the Code to cover employees of the Management Company. All employees who have attained the age of 21 and have completed at least 60 days of service are eligible to participate in the plan. The plan provides for employer matching contributions on behalf of each participant equal to 50% of the portion of such participant’s contribution that does not exceed 2.5% of such participant’s annual gross salary for the plan year. The Company temporarily suspended the employer matching contribution in April 2020 through August 2020 due to cost reduction measures in connection with the COVID-19 pandemic. Additionally, the Management Company has the discretion to make additional profit-sharing-type contributions not related to participant elective contributions. Total contributions by the Management Company were $650, $921 and $1,003 in 2020, 2019 and 2018, respectively. 

Employee Stock Purchase Plan  

The Company maintains an employee stock purchase plan that allows eligible employees to acquire shares of the Company’s common stock in the open market without incurring brokerage or transaction fees. Under the plan, eligible employees make payroll deductions that are used to purchase shares of CBL’s common stock. The shares are purchased at the prevailing market price of the stock at the time of purchase.

In connection with the Chapter 11 Cases, the employee stock purchase plan has been suspended indefinitely.