Agenda - 05-11-1999 - 4 - Laserfiche WebLink

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19 401(k) Options Examples and Estimated Cost Attachment 4 401(k) Options 1999 -00 Estimated Cost Full Year Estimated Cost A. Across the Board Percent Contribution (Effective 7 -1 -99) 1% $ 176,360 $ 176,360 1.25% $ 220,450 $ 220,450 B. Across the Board Flat Dollar Contribution (Effective 7 -1 -99) $10 $ 138,580 $ 138,580 $15 $ 207,870 $ 207,870 C. County Match Based on Percent (Effective 8- 23 -99) 1% $ 106,833 $ 122,095 1.25% $ 133,542 $ 152,619 2% $ 213,667 $ 244,191 D. County Match Based on Flat Dollar Amount (Effective 8- 23 -99) $10 '$ 84,000 $ 96,000 $15 $ 126,000 $ 144,000 $20 $ 168,000 $ 192,000 E. Combination of Across the Board and Match (Effective 8- 23 -99) $10 across the board and $10 match* $ 195,930 $ 234,580 *The employee would have to contribute the full $10 per pay period for the match because $10 is the required minimum employee contribution. Notes: The across the board contribution is estimated at 100 percent participation for 26 payrolls. The match is estimated at 75 percent participation for the 24 payrolls in which employee deductions are made. Under the 401(k) Plan, an across the board contribution may be made with a retroactive effective date. A match may be effective only with a prospective effective date. Based on a June 21, 1999 Board decision, an across the board contribution could be effective July 1, 1999 and a match could be effective August 23, 1999. As requested by the Board, options shown are within the same approximate cost range as the cost of $15 across the board contribution for 1999 -00. (K:\Health\13enef000.x1s)5 /6/99