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JOHN DOE, M.D., A PROFESSIONAL CORPORATION |
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PENMAX RETIREMENT PROGRAM |
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ESTIMATED COST ANALYSIS |
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| Defined Benefit Plan(DB) |
Age |
Compensation |
Cost |
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| DOE M.D., JOHN M.(owner) |
56 |
$ 205,000.00 |
$ 149,559.00 |
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| DOE, MARIE(daughter) |
24 |
$ 18,000.00 |
$ 191.00 |
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| DOE, SHERRIE(daughter) |
21 |
$ 12,000.00 |
$ 108.00 |
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| sub-total for owners |
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|
|
$ 149,858.00 |
| NURSE, CINDY |
49 |
$ 42,000.00 |
$ 5,196.00 |
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| NURSE, LYNN |
43 |
$ 41,000.00 |
$ 3,006.00 |
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| sub-total for non-owners |
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$ 8,202.00 |
| Total for DB Plan |
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|
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$ 158,060.00 |
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| Profit Sharing Plan (PS) |
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| MANAGER, TANYA |
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$ 74,000.00 |
$ 5,550.00 |
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| RECEPTIONIST,RUDY |
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$ 56,000.00 |
$ 4,200.00 |
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| BILLING, MICHELLE |
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$ 20,000.00 |
$ 1,500.00 |
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| ASSISTANT, SUSAN |
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$ 33,000.00 |
$ 2,475.00 |
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| Total for PS Plan |
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$ 13,725.00 |
| GRAND TOTAL |
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$ 171,785.00 |
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| PENMAX contribution breakdown |
| Owners |
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$ 149,858.00 |
87.24% |
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| Non-owner employees |
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$ 21,927.00 |
12.76% |
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$ 171,785.00 |
100.00% |
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| PENMAX PROGRAM PLAN DESIGN |
| Defined Benefit Pension Plan |
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| Effective Date |
1/1/2006 |
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| Eligible Employees |
Owner + family members + Nurse-Employees |
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Group A: Owner |
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Group B: Owner's family members |
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Group C: Any Participant not included in Group A or Group B |
| Eligibility Requirements |
Age 20 + 1 Year of Service |
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| Normal Retirement Age |
Age 62 + 5 Years of Participation |
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| Benefit Formula |
Group A ===> 7% of average compensation for each year of participation; max 10 years |
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Group B ===> 1% of average compensation for each year of participation; max 10 years |
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Group C ===> 2% of average compensation for each year of participation; max 10 years |
| Vesting Schedule |
2/20 |
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| Profit Sharing Plan |
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| Effective Date |
1/1/2006 |
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| Eligible Employees |
Any Employee who is not covered by the DB Plan |
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| Eligibility Requirements |
Age 20 + 1 Year of Service |
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| Normal Retirement Age |
Age 62 and 5 Years of Participation |
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| Contribution Formula |
7.50% of pay (could vary each year) |
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| Vesting Schedule |
2/20 |
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| 401(k) Plan |
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| Effective Date |
1/1/2006 |
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MAXIMUM DEFERRAL |
| Eligible Employees |
ALL Employees |
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401(k) Plan |
| Eligibilty Requirements |
Age 20 + I Year of Service |
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$20,500.00 |
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(if over 50 years of age) |
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