EMPLOYEE BENEFIT AND SAVINGS PLANS

12 Months Ended

Dec. 31, 2019

EMPLOYEE BENEFIT AND SAVINGS PLANS [Abstract]

EMPLOYEE BENEFIT AND SAVINGS PLANS

8.  EMPLOYEE BENEFIT AND SAVINGS PLANS

We have a 401(k) plan to provide retirement benefits for our employees.  As allowed under Section 401(k) of the Internal Revenue Code, the plan provides tax-deferred salary contributions for eligible employees and allows employees to contribute a percentage of their annual compensation to the plan on a pretax basis.  Employee contributions are limited to a maximum annual amount as set periodically by the Internal Revenue Code.  In 2019, 2018, and 2017, we matched 100% of the pretax employee contributions on the first 3% of eligible earnings and 50% of the pretax employee contributions on the next 2% of eligible earnings that are contributed by employees.  For 2019, 2018 and 2017, we recorded employer match expense of $0.3 million, $0.4 million, and $0.3 million, respectively.

The plan allows employees who meet the age requirements and reach the plan contribution limits to make a catch-up contribution.  The catch-up contributions are not eligible for matching contributions.  In addition, the plan provides for discretionary matching contributions as determined by the Board of Directors.  There were no discretionary matching contributions made in 2019, 2018, or 2017.

We offer no postretirement or postemployment benefits to our employees.