Annual report pursuant to Section 13 and 15(d)

DEFINED CONTRIBUTION PLAN

v2.4.1.9
DEFINED CONTRIBUTION PLAN
12 Months Ended
Dec. 31, 2014
DEFINED CONTRIBUTION PLAN [Abstract]  
DEFINED CONTRIBUTION PLAN

NOTE 13. DEFINED CONTRIBUTION PLAN

 

We maintain a 401(k) defined contribution plan (the “401(k) Plan”), which covers all eligible employees (as defined in the 401(k) Plan). Participants are allowed to make non-forfeitable contributions up to 60% of their annual salary, but may not exceed the annual maximum contribution limitations established by the Internal Revenue Service. The plan previously allowed for a company match of 50% on the first 3% of the amounts contributed by each participant and 25% on the next 3% contributed but does not match participants' contributions in excess of 6% of their compensation per pay period. The company match was temporarily suspended in July 2008 as part of an extensive cost-reduction program. The company match was reinstated effective January 1, 2012 under new terms that allow for a company match of 50% on the first 5% of the amounts contributed by each participant. During the years ending December 31, 2012, 2013 and 2014, we contributed and expensed $1.3 million, $1.4 million and $1.7 million, respectively, in the 401(k) Plan.