Page 37 - American Vision Partners
P. 37
Retirement
Sample match projections
Current plan Scenario 1 Scenario 2 Scenario 3 Scenario 4 EMPLOYER MATCH COST
Current plan 50% up to 8% w/ 50% up to 8% w/ 50% up to 8% w/ Safe Harbor QACA PROJECTIONS
Sweep Auto-Escalate Sweep w/ Auto-
Escalate $18M
Match % 50% 50% 50% 50% 100%
Up to deferral % 8% 8% 8% 8% 1%
And then match % 0% 0% 0% 0% 50% $16M
Up to deferral % 0% 0% 0% 0% 5%
Non-elective contribution % 0% 0% 0% 0% 0% $14M
% participation increase 0% 0% 0% 0% 0%
Current ppts and new hires defer max? 0% 0% 0% 0% 0% $12M
Automatic enrollment Yes Yes Yes Yes Yes
Sweep current employees? No Yes No Yes Yes
Initial deferral % 4% 4% 4% 4% 4% $10M
Sweep opt out % 0% 15% 0% 15% 15%
Automatic escalation No No Yes Yes Yes $8M
% increase per year 0% 0% 1% 1% 1%
Max deferral % 0% 0% 10% 10% 10% $6M
# new hires per year (net) 600 600 600 600 600
New hire salary (avg by default) $77,606 $77,606 $77,606 $77,606 $77,606 $4M
New hire opt out % 5% 5% 5% 5% 5%
% annual salary increase 3% 3% 3% 3% 3%
Employer match cost $2M
Year 0 (current) $5,716,082 $5,716,082 $5,716,082 $5,716,082 $5,863,436
Year 1 $6,782,385 $7,049,948 $7,056,595 $7,316,364 $7,764,945 $M
Year 2 $7,879,813 $8,155,403 $8,679,333 $9,004,045 $9,695,492 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Year 3 $9,009,067 $9,292,924 $10,599,816 $10,989,471 $11,866,859
Year 4 $10,170,929 $10,463,239 $12,834,179 $13,288,776 $13,809,154
Year 5 $11,366,075 $11,666,868 $15,325,965 $15,845,504 $15,808,829
Total (years 1-5) $45,208,269 $46,628,382 $54,495,888 $56,444,160 $58,945,278
American Vision Partners — Lockton: A collaborative Healthcare Practice review 37 Lockton Companies
Sample match projections
Current plan Scenario 1 Scenario 2 Scenario 3 Scenario 4 EMPLOYER MATCH COST
Current plan 50% up to 8% w/ 50% up to 8% w/ 50% up to 8% w/ Safe Harbor QACA PROJECTIONS
Sweep Auto-Escalate Sweep w/ Auto-
Escalate $18M
Match % 50% 50% 50% 50% 100%
Up to deferral % 8% 8% 8% 8% 1%
And then match % 0% 0% 0% 0% 50% $16M
Up to deferral % 0% 0% 0% 0% 5%
Non-elective contribution % 0% 0% 0% 0% 0% $14M
% participation increase 0% 0% 0% 0% 0%
Current ppts and new hires defer max? 0% 0% 0% 0% 0% $12M
Automatic enrollment Yes Yes Yes Yes Yes
Sweep current employees? No Yes No Yes Yes
Initial deferral % 4% 4% 4% 4% 4% $10M
Sweep opt out % 0% 15% 0% 15% 15%
Automatic escalation No No Yes Yes Yes $8M
% increase per year 0% 0% 1% 1% 1%
Max deferral % 0% 0% 10% 10% 10% $6M
# new hires per year (net) 600 600 600 600 600
New hire salary (avg by default) $77,606 $77,606 $77,606 $77,606 $77,606 $4M
New hire opt out % 5% 5% 5% 5% 5%
% annual salary increase 3% 3% 3% 3% 3%
Employer match cost $2M
Year 0 (current) $5,716,082 $5,716,082 $5,716,082 $5,716,082 $5,863,436
Year 1 $6,782,385 $7,049,948 $7,056,595 $7,316,364 $7,764,945 $M
Year 2 $7,879,813 $8,155,403 $8,679,333 $9,004,045 $9,695,492 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Year 3 $9,009,067 $9,292,924 $10,599,816 $10,989,471 $11,866,859
Year 4 $10,170,929 $10,463,239 $12,834,179 $13,288,776 $13,809,154
Year 5 $11,366,075 $11,666,868 $15,325,965 $15,845,504 $15,808,829
Total (years 1-5) $45,208,269 $46,628,382 $54,495,888 $56,444,160 $58,945,278
American Vision Partners — Lockton: A collaborative Healthcare Practice review 37 Lockton Companies
