Bill has been employed by Tri-County since completing his master's degree 10 years ago. His current salary is $55,000 per year. He anticipates that his salary growth will be approximately 0.5% greater than the rate of inflation. Tri-County offers a 401k-style retirement plan. Tri-County contributes 8% of gross salary to the plan. Bill may elect to contribute more on a pre-tax basis so long as the total contributions to the plan are not more than $15,000. Currently, Bill is contributing 5% of his salary to the plan