|
The existing plan limits key employee contributions... |
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|
Age |
Annual Salary |
Salary Deferral |
Employer Matching |
Total Allocation |
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|
Pat Tracy |
57 55 |
225,000 150,000 |
11,813 7,875 |
6,750 4,500 |
18,563 12,375 |
|
|
Other Employees |
Average Age 36 |
Total Salary 300,000 |
Deferral* 11,480 |
Total 8,170 |
Total 19,650 |
|
|
Plan Totals |
675,000 |
31,168 |
19,420 |
50,588 |
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|
Key Percent |
63% |
58% |
78% |
|
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|
*Average deferral for employees: 3.25%
A safe harbor |
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|
Age |
Annual Salary |
Salary Deferral |
Employer Non-elective Contribution |
Employer Discretionary Contribution |
Total Allocation |
|
|
Pat Tracy |
57 55 |
225,000 150,000 |
20,500 20,500 |
6,750 4,500 |
22,750 25,000 |
50,000 50,000 |
|
Other Employees |
Average Age 36 |
Total Salary 300,000 |
Deferral* 11,480 |
Total 9,000 |
Total 6,000 |
26,480 |
|
Plan Totals |
675,000 |
52,480 |
20,250 |
53,750 |
126,480 |
|
|
Key Percent |
78% |
56% |
80% |
79% |
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|
*Average deferral for employees: 3.25%
Compare the Employer-Out-of-Pocket costs (excludes elective deferrals): |
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|
Old Plan |
New Plan |
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|
Plan Totals |
19,420 |
74,000 |
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|
Other Employees |
8,170 |
15,000 |
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|
Key Employees |
11,250 |
59,000 |
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