Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plan

v3.21.1
Employee Benefit Plan
 3 Months Ended
May 02, 2021
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLAN

NOTE 9 - EMPLOYEE BENEFIT PLAN

 

In February 2017, the Company established the TLC 401(k) Plan (the “401(k) Plan”) with Elective Deferrals beginning May 1, 2017. The 401(k) Plan calls for Elective Deferral Contributions, Safe Harbor Matching Contributions and Profit-Sharing Contributions. All associates of the Company will be eligible to participate in the 401(k) Plan as of the day of the month which is coincident with or next follows the date on which they attain age 21 and complete one month of service. Participants will be able to contribute up to 100% of their eligible compensation to the 401(k) Plan subject to limitations with the IRS. The employer contributions to the 401(k) Plan were $155,682 and $117,280 for the thirteen weeks ended May 2, 2021 and May 3, 2020 respectively.