Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 784

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 3
Chunk 784
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 Revenue Code. Under the 401(k)
Plan, eligible employees are able to contribute up to the maximum allowed under the law. We may, at our discretion, match 100% of employees’
contributions up to $2,000 per employee per calendar year. Our matching contributions to the 401(k) Plan were $1.5 million, $1.4 million,
and $1.3 million respectively, for the years ended December 31, 2024, 2023 and 2022.

We also sponsor a defined
benefit plan, the MFN Financial Corporation Pension Plan (the “Plan”). The Plan benefits were frozen on June 30, 2001.

The following tables represents
a reconciliation of the change in the plan’s benefit obligations, fair value of plan assets, and funded status at December 31,
2024 and 2023:

    Schedule of reconciliation of the change in the plan’s benefit obligations 

    December 31, 

    2024  
    2023 

    (In thousands) 
  
    Change in Projected Benefit Obligation 

    Projected benefit obligation, beginning of year 
    $15,477  
    $15,952 
  
    Interest cost 
     695  
     753 
  
    Assumption changes 
     (564) 
     (3)
  
    Actuarial (gain) loss 
     (223) 
     (271)
  
    Settlements 
     –  
     – 
  
    Benefits paid 
     (1,113) 
     (954)
  
    Projected benefit obligation, end of year 
    $14,272  
    $15,477 

    Change in Plan Assets 

    Fair value of plan assets, beginning of year 
    $20,048  
    $18,768 
  
    Return on assets 
     2,967  
     2,347 
  
    Employer contribution 
     –  
     – 
  
    Expenses 
     (122) 
     (113)
  
    Settlements 
     –  
     – 
  
    Benefits paid 
     (1,113) 
     (954)
  
    Fair value of plan assets, end of year 
    $21,780  
    $20,048 

    Funded Status at end of year 
    $7