Annual report pursuant to Section 13 and 15(d)

401(k) PLAN

v3.23.1
401(k) PLAN
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
401(k) PLAN

NOTE 14 – 401(k) PLAN

 

The Company has a tax-qualified employee savings and retirement plan (the “401(k) Plan”) covering all the Company’s employees in the United States. Pursuant to the 401(k) Plan, employees may elect to reduce their current compensation by up to the statutorily prescribed annual limit ($20,500 in 2022 and $19,500 in 2021 for employees who are under age 50 and $27,000 in 2022 and $26,000 in 2021 for employees who are age 50 and older) and to have the amount of such reduction contributed to the 401(k) Plan. The 401(k) Plan is intended to qualify under Section 401 of the Internal Revenue Code so that contributions by employees or by us to the 401(k) Plan, and income earned on 401(k) Plan contributions, are not taxable to employees until withdrawn from the 401(k) Plan, and so that contributions by us, if any, will be deductible by us when made. At the direction of each participant, the Company invests the assets of the 401(k) Plan in any of over 50 investment options. Company contributions under the 401(k) Plan were $0.3 million and $0.4 million for the years ended December 31, 2022 and 2021, respectively.