Savings Plan

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Savings Plan

Savings Plan

We maintain a qualified retirement plan under which eligible employees may defer compensation for income tax purposes under Section 401(k) of the Internal Revenue Code (the “401K Plan”). The 401K Plan permits eligible employees and those of any Subsidiary to defer up to 60.0% of their compensation on a pre-tax basis subject to certain limits. In addition, we match 100.0% of their contribution up to the first 3.0% and then 50.0% of the next 2.0% for a maximum potential match of 4.0%. Both employee's and our matching contributions vest immediately.

Our contribution to the 401K Plan was approximately $2.0 million, $2.9 million and $1.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. The increase from the year ended December 31, 2019 to the year ended December 31, 2020, primarily relates to the correction of an operational error in prior years approved by the IRS pursuant to its Voluntary Correction Program.