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RETIREMENT PLAN
12 Months Ended
Dec. 31, 2016
DEFINED BENEFIT PENSION PLAN  
RETIREMENT PLAN

NOTE 13 — RETIREMENT PLAN

 

The Corporation has established a 401(k) profit sharing plan.  Employees who have completed three months of service and attained the age of 18 are eligible to participate in the plan.  Eligible employees can elect to have a portion, not to exceed 80%, of their annual compensation paid into the plan.  In addition, the Corporation may make discretionary contributions into the plan.  Retirement plan contributions charged to operations totaled $300,000,  $288,000, and $214,000 in 2016, 2015, and 2014, respectively.