Profit Sharing Plan
|12 Months Ended|
Dec. 31, 2019
|Profit Sharing Plan|
|Profit Sharing Plan||
6. Profit Sharing Plan
On April 16, 2018, the Company’s Board of Directors approved the adoption of the Sachem Capital Corp. 401(k) Profit Sharing Plan (the “401(k) Plan”). All employees, who meet the participation criteria, are eligible to participate in the 401(k) Plan. Under the terms of the 401(k) Plan, the Company is obligated to contribute 3% of a participant’s compensation to the 401(k) Plan on behalf of an employee-participant. For the years ended December 31, 2019 and 2018, the 401(k) Plan expense was $ 36,771 and $16,792, respectively.
The entire disclosure for pension and other postretirement benefits.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef