LAB » Topics » 15. RETIREMENT PLAN

This excerpt taken from the LAB 10-K filed Mar 16, 2006.

15.          RETIREMENT PLAN

 

The Company has a defined contribution retirement plan (the “Plan”) that is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

 

All employees are eligible to participate in the Plan after they have completed three months of service. Participants are entitled to contribute voluntarily in an amount equal to not less than 1% and not more than 60% of their annual pre-tax compensation, up to the maximum

 

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amount permitted under Internal Revenue Service (“IRS”) regulations for the applicable Plan year. The Company, acting in its sole discretion, can declare and make employer matching contributions and additional voluntary contributions for all eligible employees who have completed one year of service, and/or have been credited with 1,000 hours of service. During the years ended December 31, 2005, 2004 and 2003, the Company contributed approximately $1.1 million, $0.8 million and $1.0 million, respectively, as employer matching contributions to the Plan, and such amount is included in employee compensation and employee benefits in the Company’s Consoldated Statements of Operations.

 

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