401(k) and Profit-Sharing Plan

12 Months Ended

Dec. 31, 2019

Compensation Related Costs [Abstract]

401 (k) and Profit-Sharing Plan

401(k) and Profit-Sharing Plan

The Company sponsors a profit-sharing plan (the Plan) covering all employees who meet certain age and service requirements. Subject to limitations, the Plan permits participants to defer up to 100% of their eligible compensation pursuant to Section 401(k) of the Internal Revenue Code. Employee contributions are matched by the Company at $0.50 per $1.00 deferred. The Plan also allows the Company to make discretionary contributions, which are integrated with the taxable wage base under the Social Security Act. No discretionary contributions were made for the years ended December 31, 2019, 2018 and 2017.

Forfeitures occur when participants terminate employment before becoming entitled to their full benefits under the Plan. In accordance with the Plan document, forfeited amounts are used to reduce the Company’s contributions to the Plan or to pay Plan expenses. Forfeitures for the years ended December 31, 2019, 2018 and 2017 totaled approximately $131,000, $101,000 and $128,000, respectively.

Matching contributions, net of forfeitures, to the Plan for the years ended December 31, 2019, 2018 and 2017 totaled approximately $2,057,000, $1,770,000 and $1,715,000, respectively.