Other Retirement Benefits

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Other Retirement Benefits

11. OTHER RETIREMENT BENEFITS:

Other Retirement Benefits:

The Company sponsors retirement benefits under a defined contribution 401(k) plan which covers all employees who have completed one year of service and are at least 21 years of age. Contributions to this plan and charged to benefit costs for the years ended December 31, 2024 and 2023 were approximately $66,000 and $65,000, respectively.

In November 2016, the Board of Directors of the Company approved the implementation of a profit-sharing contribution component to its existing 401(k) plan. Contributions to this component of the plan and charged to benefits costs for the years ended December 31, 2024 and 2023 were approximately $91,000 and $80,000, respectively.