EMPLOYEE RETIREMENT PLAN |
9 Months Ended |
|---|---|
Sep. 30, 2011 | |
| EMPLOYEE RETIREMENT PLAN |
16. EMPLOYEE RETIREMENT PLAN
On
January 1, 2009, Cellectar adopted a Safe Harbor defined
contribution plan under Section 401(k) of the Internal Revenue Code
which covered eligible employees who meet minimum age requirements
and allowed participants to contribute a portion of their annual
compensation on a pre-tax basis. Cellectar contributed 3% of
each participant’s compensation. Contributions made for
the years ended December 31, 2010 and 2009 were $23,000 and
$56,000, respectively. Cellectar paid administrative expenses
for the plan of $3,300 and $2,800 for the years ended December 31,
2010 and 2009, respectively. The plan was canceled effective
August 30, 2010.
Following
the Acquisition, the Company has a defined contribution plan under
Section 401(k) of the Internal Revenue Code which allows eligible
employees who meet minimum age requirements to contribute a portion
of their annual compensation on a pre-tax basis. The Company
has not made any matching contributions under this
plan.
|