Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plan

v3.21.2
Employee Benefit Plan
 6 Months Ended
Aug. 01, 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 $242,801 and $398,483 for the thirteen weeks and the twenty-six weeks ended August 1, 2021 and $117,190 and $234,470 for the thirteen and twenty-six weeks ended August 2, 2020, respectively.