Employee Benefit Plans And Incentive Compensation Program
|12 Months Ended|
Dec. 31, 2020
|Employee Benefit Plans And Incentive Compensation Program [Abstract]|
|Employee Benefit Plans And Incentive Compensation Program||
15. Employee Benefit Plans and Incentive Compensation Program
Defined Contribution 401(k) Plan
The sponsorship of three of the BBX Capital Corporation Employee Retirement Plans under Internal Revenue Code Section 401(k) was transferred to the Company on September 30, 2020 in connection with the spin-off. Although there are variations in the eligibility requirements under such plans, employees who have completed 90 days of service and have reached the age of 21 are generally eligible to participate in the Company’s 401(k) plans. For the year ending December 31, 2020, an eligible employee under the plans is entitled to contribute up to $19,500, while an eligible employee over 50 years of age was entitled to contribute up to $26,000. The Company generally matches 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions, and the match amounts generally vest immediately. For the three months ended December 31, 2020, the Company recorded expenses of approximately $87,000 for contributions to its 401(k) plans. Prior to September 30, 2020, the expenses for 401(k) contributions were allocated to the Company on a pro-rata basis based on the combined revenues and equity in earnings of unconsolidated joint ventures of BVH and its subsidiaries.
The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef