This excerpt taken from the GLBL 10-K filed Mar 16, 2006.
5. Employee Benefits
We sponsor a defined contribution profit sharing and 401(k) retirement plan that covers all employees who meet certain eligibility requirements. Company contributions to the profit-sharing plan are made at the discretion of the Board of Directors and may not exceed 15% of the annual compensation of each participant. No contributions to the profit-sharing portion of the plan were made in 2005, 2004 or 2003.
Under the 401(k) section of the retirement plan, our matching contributions equaled 100% of the first $1,000 of each participating employee's contribution to the plan for the years of 2005, 2004 and 2003. Matching expense for the 401(k) plan during the years ended 2005, 2004 and 2003 was $0.4 million, $0.5 million, and $0.5 million, respectively. Effective January 1, 2006, the Company has changed the amount of its matching contributions to the greater of (1) 100% of the first $1,000 of each participating employee's contribution to the plan or (2) 50% of employee contributions up to 6% of gross wages.
We have an incentive compensation plan, which rewards employees when our financial results meet or exceed budgets. Incentive compensation expense under this plan was $2.9 million in 2005. No incentive compensation expense was recorded in 2003 or 2004.