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EMPLOYEE BENEFIT PLANS
12 Months Ended
Dec. 31, 2022
EMPLOYEE BENEFIT PLANS  
EMPLOYEE BENEFIT PLANS

8.EMPLOYEE BENEFIT PLANS

The Company maintains a contributory retirement plan for all full-time employees with at least 90 days of service. The plan is designed to provide tax-deferred income to the Company’s employees in accordance with the provisions of Section 401(k) of the Internal Revenue Code.

The plan provides that each participant may contribute the maximum allowable under Internal Revenue Service regulations. For 2022, 2021 and 2020, the Company matched 50% of the first 5% of participant contributions. Matching contributions vest over the first five years of employment. Company contributions to the plan were $1,384, $1,179 and $1,021 in 2022, 2021 and 2020, respectively.