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Plan Recordkeeping Cost
ASCENSUS MISSIONSQUARE
REVENUE REQUIREMENT 0.23% 0.14%
TRUST/CUSTODY INCLUDED INCLUDED
TOTAL ANNUAL FEE $31,369 $19,094
Plan Demographics
401 (A) 457 ( B )
EMPLOYEE CONTRIBUTION N/A 3% (average)
TOTAL PLAN ASSETS $11,500,518 $2,138,070
PLAN PARTICIPATION 100% 35%
AVERAGE ACCOUNT BALANCE $57,000 $27,000
Pension Plan Types
DEFINED CONTRIBUTION DEFINED BENEFIT
A retirement benefit designed to create an
A retirement benefit based on a formula that
investment account allowing employee and
SUMMARY generally uses an employee's time of service
employer contributions for the duration of the
employee's career. (years employed) and salary
ANNto
BENEFIT Unknown in advance; dependent upon market
Fixed, based on pre-established formula paid out
for the life of the beneficiary
ADMIN COST Lower Higher
RISK
EMPLOYEE/EMPLOYER High/Low Low/High
II.
Defined Contribution Plan — Li —itopr ,_
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All_ CCUA JEA TOHO *GREEN COVE * ECUA
All regular, full- All regular, full- All regular, full- All regular, full-
rill ELIGIBILITY All employees
time employees time employees time employees time employees ,
PLAN TYPE 401(a) 401(a) 401(a) FRS (investment) FRS (investment)
EMPLOYER
CONTRIBUTION 10% 12% 6.5% (8.5% max) 11.51% 11.51%
EMPLOYEE N/A 8%** 4% 3% 3%
CONTRIBUTION
MATCHING N/A N/A 2% 0% 0%
VESTING 5 years 2 to 5 years 5 years 1 year 1 year
* EMPLOYEES OFFERED OPTION BETWEEN DEFINED BENEFIT & DEFINED CONTRIBUTION PLAN
** JEA DOES NOT CONTRIBUTE TO SOCIAL SECURITY
Defined Benefit Plan . . __
TOWN OF ORANGE GREEN COVE GRU ECUA
PARK SPRINGS
ELIGIBILITY All regular, full-time All regular, full-time All regular, full-time All regular, full-time
employees employees employees employees
PLAN TYPE General Employees' FRS City of Gainesville FRS
Pension Plan Pension Plan J
EMPLOYER
CONTRIBUTION 6.67% (variable) 13.57% 10% 13.57%
EMPLOYEE 3% 3% 5% 3%
CONTRIBUTION
VESTING 5 years 8 years 5 Years 8 Years
2023 Employee Survey 2 . 2
Are you satisfied with the retirement plan
offered by CCUA?
97 . 8
• Satisfied ❑ Unsatisfied
Plan Design Discussions
No Change Q. 4.
10% contribution, pIus 1 % match ' #01k. - 4
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9% contribution, plus 2% match -c�REMwN,� p`p,N
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8% contribution, plus 3% match ,„^""` A. :N - '-: �'""� 0 ill
8% contribution, plus 2% match . , , , 4 "''� ,,,
6% contribution, plus 4% match . * , . ' . �.,. .. " �f����
6% contribution, plus 5% match
* How to phase in such a plan design change?
*An 8% contribution , plus 2% match totals the current 10 % employer contribution
commitment; however, employees are now saving an additional 2% for retirement
Plan Design Discussions
Milos
Employee Response
People feel their perceived losses twice NS Oft
as much as their perceived gains
M
Effect on recruiting talented professionals
More Employee Engagement and Feedback is needed prior to
providing any recommendations
Questions
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