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Agenda - 05-11-1999 - 4
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Agenda - 05-11-1999 - 4
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4/22/2013 8:56:01 AM
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BOCC
Date
5/11/1999
Meeting Type
Work Session
Document Type
Agenda
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4
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19 <br />401(k) Options <br />Examples and Estimated Cost Attachment 4 <br />401(k) Options <br />1999 -00 <br />Estimated Cost <br />Full Year <br />Estimated Cost <br />A. Across the Board Percent <br />Contribution (Effective 7 -1 -99) <br />1% <br />$ <br />176,360 <br />$ <br />176,360 <br />1.25% <br />$ <br />220,450 <br />$ <br />220,450 <br />B. Across the Board Flat Dollar <br />Contribution (Effective 7 -1 -99) <br />$10 <br />$ <br />138,580 <br />$ <br />138,580 <br />$15 <br />$ <br />207,870 <br />$ <br />207,870 <br />C. County Match Based on Percent <br />(Effective 8- 23 -99) <br />1% <br />$ <br />106,833 <br />$ <br />122,095 <br />1.25% <br />$ <br />133,542 <br />$ <br />152,619 <br />2% <br />$ <br />213,667 <br />$ <br />244,191 <br />D. County Match Based on Flat <br />Dollar Amount (Effective 8- 23 -99) <br />$10 <br />'$ <br />84,000 <br />$ <br />96,000 <br />$15 <br />$ <br />126,000 <br />$ <br />144,000 <br />$20 <br />$ <br />168,000 <br />$ <br />192,000 <br />E. Combination of Across the Board <br />and Match (Effective 8- 23 -99) <br />$10 across the board and $10 match* <br />$ <br />195,930 <br />$ <br />234,580 <br />*The employee would have to contribute the full $10 per pay period for the match because $10 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\13enef000.x1s)5 /6/99 <br />
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