Note 18 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

(18)  EMPLOYEE BENEFIT PLANS

We have defined contribution 401(k) plans for our employees who work in the U.S. All permanent employees of inTEST Corporation, EMS LLC, Temptronic and, effective January 1, 2022, Videology, who are at least 18 years of age are eligible to participate in the inTEST Corporation Incentive Savings Plan. We match employee contributions dollar for dollar up to 10% of the employee's annual compensation, with a maximum limit of $5. Employer contributions vest ratably over four years. Matching contributions are discretionary. For the years ended December 31, 2022 and 2021 we recorded $479 and $347 of expense for matching contributions, respectively.

All permanent employees of Ambrell are immediately eligible to participate in the Ambrell Corporation Savings & Profit Sharing Plan (the "Ambrell Plan") upon employment and are eligible for employer matching contributions after completing six months of service, as defined in the Ambrell Plan. The Ambrell Plan allows eligible employees to make voluntary contributions up to 100% of compensation, up to the federal government contribution limits. We will make a matching contribution of 50% of each employee's contributions up to a maximum of 10% of the employee's deferral with a maximum limit of $5. For the years ended December 31, 2022 and 2021 we recorded $268 and $165 of expense for matching contributions, respectively.

Prior to January 1, 2022, Videology had a Savings Incentive Match plan (the “Videology Plan”) for its employees who work in the U.S., which qualified as a SIMPLE-IRA plan under Section 401(p) of the Internal Revenue Code. Eligible employees could contribute up to $13 of their salary to the Videology Plan. Employees age 50 or over could also make a catch-up contribution up to $3. Videology made a non-elective contribution up to a maximum of 2% of compensation for eligible employees. Non-elective contributions of $3 were made to the Videology Plan from the acquisition date of Videology through December 31, 2021. Effective January 1, 2022, the Videology Plan was terminated and employees were eligible to participate in the inTEST Corporation Incentive Savings Plan.