Orange County NC Website
Browse       Search
lU <br />*Based the matching option for 24 pay periods. <br />b. While a flat dollar amount serves the objective of addressing the lower salaried <br />employees, it does not serve as well the objective of competing with the other <br />employers in the market who offer a 401(k) Plan contribution as a percentage of <br />salary. Of the 201 employers who make an across the Board contribution, nine or <br />four percent make a flat dollar amount contribution and 192 or 96 percent make a <br />percentage of salary contribution. One county makes a flat dollar amount <br />contribution. <br />12. Waiting Periods <br />The County could make a 401(k) plan contribution or match effective with the hire date <br />or could impose a waiting of up to six months from the hire date. <br />13. Employers Making 401(k) Contributions or Matches <br />Attachment 3 is a list provided by the 401(k) Plan of governmental employers who make <br />401(k) Plan contributions. <br />14. Types of Options and Cost <br />The separate chart provided with the agenda abstract shows various 401(k) contribution <br />and matching options and the estimated County costs. <br />15. Benefits as a Percent of Salary <br />If the County adopted a one percent of salary 401(k) plan contribution for general <br />government employees, the County's benefits as a percent of salaries would change from <br />the current 25.8 percent to 26.6 percent. <br />K\health/401 info <br />May 6, 1999 <br />Amount Per Pay Period Yields <br />At a salary of <br />$10 <br />($240 yr) <br />$15 <br />($360 yr) <br />$20 <br />($480 yr) <br />$17,561 (pay plan <br />minimum) <br />1.37% <br />2.05 % <br />2.73% <br />$25,000 <br />.96% <br />1.44% <br />1.92% <br />$32,000 <br />.75% <br />1.13% <br />1.50% <br />$50,000 <br />.48% <br />.72% <br />.96% <br />*Based the matching option for 24 pay periods. <br />b. While a flat dollar amount serves the objective of addressing the lower salaried <br />employees, it does not serve as well the objective of competing with the other <br />employers in the market who offer a 401(k) Plan contribution as a percentage of <br />salary. Of the 201 employers who make an across the Board contribution, nine or <br />four percent make a flat dollar amount contribution and 192 or 96 percent make a <br />percentage of salary contribution. One county makes a flat dollar amount <br />contribution. <br />12. Waiting Periods <br />The County could make a 401(k) plan contribution or match effective with the hire date <br />or could impose a waiting of up to six months from the hire date. <br />13. Employers Making 401(k) Contributions or Matches <br />Attachment 3 is a list provided by the 401(k) Plan of governmental employers who make <br />401(k) Plan contributions. <br />14. Types of Options and Cost <br />The separate chart provided with the agenda abstract shows various 401(k) contribution <br />and matching options and the estimated County costs. <br />15. Benefits as a Percent of Salary <br />If the County adopted a one percent of salary 401(k) plan contribution for general <br />government employees, the County's benefits as a percent of salaries would change from <br />the current 25.8 percent to 26.6 percent. <br />K\health/401 info <br />May 6, 1999 <br />