Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 161

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 161
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, among other factors,
the size of the loss or liability imposed and the level of our income for that period.

(11) Employee Benefits

We sponsor a pretax savings
and profit sharing plan (the “401(k) Plan”) qualified under Section 401(k) of the Internal 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 
     –