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\ to maintain a "substantially equivalent" total compensation package. For employees <br />for whom the value of the County's benefits exceeds that for the Town's benefits, <br />make no adjustment in the Town salary. <br />3. County Salary Determination <br />a. Complete a position classification study to determine the classification and salary <br />grade for each position in the Orange County Classification and Pay Plan <br />3 <br />b. Take the salary derived in Item 2c above (that includes the dollar difference <br />necessary to provide substantial equivalency) and determine whether that salary <br />includes in dollar amount added to the Town's salary at least the dollar equivalent to <br />the difference between the Town's five percent 401(k) plan contribution and the <br />County's $15 per pay period contribution. If the salary does not provide this <br />additional amount, adjust it so that it does. (This is approximately a 3 - 4 percent <br />increase depending on the employee's salary level.) <br />c. Place the salary on step in the County's Salary Schedule for the classification <br />assigned the position in the Orange County Classification and Pay Plan. <br />Additional Information Notes <br />Supplemental Retirement - 401 ~k) Plan <br />Under the Internal Revenue Service regulations and as advised by the State 401(k) plan <br />administrator, the County may not continue to make the five percent 401(k) contribution for <br />Solid Waste employees that the Town makes. This is because other County employees do <br />not receive this same contribution. The effect of the handling planned here is to "cash out" <br />the difference between the Town and County 401(k) plan contribution and include that <br />contribution in the employee's salary. An individual employee then may voluntarily decide <br />to contribute all or part of this salary amount to the 401(k) plan as an employee contribution. <br />Future Pay and Benefits. Including Post Retirement Benefits <br />The planned pay and benefits model does not. attempt to project future pay or benefits in <br />either the Town or the County. It also does not factor in differences in pay programs such <br />as cost of living, merit or future pay advancement in the salary range. When the Town <br />employees become Orange County employees, their future pay and benefits wi{{ be the <br />same as those provided for other County employees. <br />General Valuation Issues <br />The method set out in this abstract to determine substantially equivalent pay and benefits is <br />objective and quantifiable. However, from any one employee's standpoint the mix of <br />benefits (even if the total value is identical) in one organization may be preferred over the <br />other organization's mix. This may mean that the individual employee may place a higher <br />personal value on one benefit than another. For example, one employee may value time <br />off more highly (advantage Orange County) and another employee may value more the <br />