RETIREMENT PLAN

12 Months Ended

Dec. 31, 2015

RETIREMENT PLAN

RETIREMENT PLAN

4.RETIREMENT PLAN

The Company has established a salary deferral plan under Section 401(k) of the Internal Revenue Code.  Such deferrals accumulate on a tax-deferred basis until the employee withdraws the funds.  The Company contributes up to 5% of each eligible employee’s compensation.  Total retirement expense for the years ended December 31, 2015 and 2014 was approximately $202,000 and $213,000, respectively.