Orange County NC Website
Browse       Search
24 <br />401(k) Options <br />Examples and Estimated Cost ATTACHMENT 5 <br /> <br />401(k) Options 1999-00 <br />Estimated Cost Full Year <br />Estimated Cost <br />A. Across the Board Percent <br />Contribution (Effective 7-1-99) <br />1% $ 176,360 $ 176,360 <br />1.25% $ 220,450 $ 220,450 <br />B. Across the Board Flat Dollar <br />Contribution (Effective 7-1-99) <br />$10 $ 138,580 $ 138,580 <br />$15 $ 207,870 $ 207,870 <br />C. County Match Based on Percent <br />(Effective 8-23-99) <br />1% $ 106,833 $ 122,095 <br />1.25% $ 133,542 $ 152,619 <br />2% $ 213,667 $ 244,191 <br />D. County Match Based on Flat <br />Dollar Amount (Effective 8-23-99) <br />$10 $ 84,000 $ 96,000 <br />$15 $ 126,000 $ 144,000 <br />$20 $ 168,000 $ 192,000 <br />E. Combination of Across the Board <br />and Match (Effective 8-23-99) <br />$10 across the boazd and $10 match* $ 195,930 $ 234,580 <br />*The employee would have to contribute the full $10 per pay period for the match because ~ 1 U is the <br />required minimum employee contribution. <br />Notes: The across the board contribution is estimated at 100 percent participation for 26 payrolls. The <br />match is estimated at 75 percent participation for the 24 payrolls in which employee deductions are made. <br />Under the 401(k) Plan, an across the board contribution may be made with a retroactive effective date. A <br />match may be effective only with a prospective effective date. Based on a June 21, 1999 Board decision, <br />an across the board contribution could be effective July 1, 1999 and a match could be effective August 23, <br />1999. <br />As requested by the Board, options shown are within the same approximate cost range as the cost of $15 <br />across the board contribution for 1999-00. <br />(K:~Health~Benef000.x1s)5/6/99 <br />