Maintain a 401 (k) plan under which all full-time employees are eligible to participate at the beginning of each month immediately following their data of hire. We match employees? contributions at a rate of 50% of employees? contributions up to the first 6% of the employees? compensations contributed to the 401(k) plan. Our matching contributions were $223,000, $237,000 and $244,000 in 2010, 2009 and 2008, respectively.

Required

a. In general, what type of retirement savings plan does TransAct Technologies have?

b. Give your opinion as to the materiality of the pension plan.

c. Give your opinion as to the control of pension expense.

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TRANSACT TECHNOLOGIES INCORPORATED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) Year Ended December 31, Net sales Net income 2010 $63,194 $ 3,904 2009 $58,346 $ 2,140 2008 $62,207 $ 1,444 TRANSACT TECHNOLOGIES INCORPORATED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) Year Ended December 31, Net sales Net income 2010 $63,194 $ 3,904 2009 $58,346 $ 2,140 2008 $62,207 $ 1,444

Answer rating: 100% (QA)

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