Employee Benefit Plans And Incentive Compensation Program

12 Months Ended

Dec. 31, 2019

Employee Benefit Plans And Incentive Compensation Program [Abstract]

Employee Benefit Plans And Incentive Compensation Program

18.    Employee Benefit Plans and Incentive Compensation Program

Defined Contribution 401(k) Plan

BBX Capital and its subsidiaries sponsor four Employee Retirement Plans under Internal Revenue Code Section 401(k). Although there are variations in the eligibility requirements under such plans, employees who have completed 90 days of service and have reached the age of 21 are generally eligible to participate in the Company’s 401(k) plans. For the year ending December 31, 2019, an eligible employee under the plan was entitled to contribute up to $19,000, while an eligible employee over 50 years of age was entitled to contribute up to $25,000. During the years ended December 31, 2019, 2018, and 2017, the Company generally matched 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions, and the match amounts generally vested immediately. Further, Bluegreen may make additional discretionary matching contributions to its plan not to exceed 4% of each participant’s compensation. For the years ended December 31, 2019, 2018, and 2017, the Company recorded expense for contributions to the 401(k) plans totaling approximately $6.2 million,  $5.6 million, and $5.7 million, respectively.