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10. Employee Benefit Plans
12 Months Ended
Dec. 31, 2013
Notes  
10. Employee Benefit Plans

10. EMPLOYEE BENEFIT PLANS

 

Defined Contribution and 401(K) Plans

 

                The Company maintains a qualified non-contributory profit-sharing plan (the “Plan”) covering all eligible employees.  There were $263,000 and $261,000 of contributions made to the Plan in 2013 and 2012 respectively, which were charged to expense.

 

                Contributions to the Plan are defined as three percent (3%) of gross wages up to the current Old Age, Survivors, and Disability (OASDI) limit and six percent (6%) of the excess over the OASDI limit, subject to the maximum allowed under the Employee Retirement Income Security Act (ERISA).  Participants vest over six years.

 

                The Company also maintains a savings & retirement plan qualified under Internal Revenue Code Section 401(k) for all employees.  Employees are eligible to participate in the Plan the first day of the month following date of hire.  Participants may elect to have up to fifty percent (50%) of their compensation withheld, up to the maximum allowed by the Internal Revenue Code.  After completing (1) year of service, the Company contributes an additional amount equal to 25% of all employee contributions, up to a maximum of 6% of an employee’s gross wages.  Contributions are funded on a current basis.  Contributions to the Plan charged to expense for the years ended December 31, 2013 and 2012 were $80,000 and $77,000, respectively.  The participant’s Company contribution vests ratably over six years.  There were no significant changes made to the Plan during 2013 or 2012.