Quarterly report pursuant to Section 13 or 15(d)

Pension Plans

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Pension Plans
6 Months Ended
Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]  
Pension Plans

NOTE – 14 PENSION PLANS

Milestone Scientific have a defined contribution plan that allows eligible employees to contribute part of their salary through payroll deductions. Milestone Scientific does not contribute to this plan but does pay the administrative costs of the plan, which are not significant.

In March 2014, the Board of Directors approved the Compensation Committee’s request to amend the Chief Executive Officer of Milestone Scientific’s employment agreement to provide benefits to make payments of $203,111 per year for five years to the Executive, or as he directs such payments to a third party, to fund his acquisition of, or contribution to an annuity, pension, or deferred distribution plan or for an investment for the Executive and his family. For the three and six months ended June 30, 2015, approximately $51,000 and $102,000, respectively, and for the three and six months ended June 30, 2014, approximately $51,000 and $68,000, respectively, was charged to expenses for this commitment.