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Melinda Hart
Fringe Benefit Group
(210) 824-3433
melinda@melindahartpr.com
| ABC/The Contractors Plan Sell Sheet |
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Open Shop Contractors: Do you want to save on payroll burden, submit more competitive bids, and win more jobs? The Contractors Plan powered by Fringe Benefit Group is the answer.
Exclusive ABC member benefit If your company works on government contracts – or would like to – let us show you the difference allocating the fringe benefit portion of the prevailing wage to bona fide benefit plans can make:
Get started today: abc.contractorsplan.com Why Choose The Contractors Plan? Experience Fringe Benefit Group pioneered the offering of prevailing wage benefit plans, and we specialize in working with government contractors. Your plans will be set up and implemented in compliance with state and federal regulations — all with little time required of you and your administrative staff. Flexibility We understand high employee turnover, seasonality of work, and other challenges faced by government contractors. The contractor can easily discontinue contributions when one prevailing wage job ends and resume them when the next job starts. We redesign plans each year based on changing needs to get the most out of the plan. Expertise Participation in company 401(k) plans is often limited for company owners and key employees due to required IRS discrimination and compliance testing. With our expertise in prevailing wage plan design, we can leverage prevailing wage contributions to employee retirement accounts and increase the amount key employees can defer into their own accounts. Most retirement plan providers don’t understand these options. How can The Contractors Plan save you money? When the fringe portion of the prevailing wage is used to provide benefits for hourly workers, this amount is not subject to payroll costs such as FICA, federal and state unemployment taxes, and workers compensation insurance. A conservative estimate is that these costs represent an additional 25 cents on each dollar paid as cash wages. When the fringe portion of the prevailing wage is used to provide benefits for hourly workers, this amount is not subject to payroll costs such as FICA, federal and state unemployment taxes, and workers compensation insurance. A conservative estimate is that these costs represent an additional 25 cents on each dollar paid as cash wages. Compare fringes paid in cash with The Contractors Plan Paying the Fringe in Cash Base Wage $20.00
Base Wage $20.00 The Contractors Plan saves you $2.40 per employee per hour, or over 6.5% of payroll. Compliance Support Services The US Department of Labor is already increasing its investigative staff in anticipation of auditing projects funded by the American Recovery and Reinvestment Act. It’s almost a certainty that any contractor who works on a federally-funded job will be audited. When you partner with The Contractors Plan, you receive unparalleled support and expertise in designing your response to an inquiry or audit – at no additional cost. Since we’ve specialized in prevailing wage plans for 25 years, we have relationships with officers at the DOL and understand what they expect to see in an audit or inquiry situation. We help gather requested reports and documentation quickly, and can speak to DOL officials on your behalf to clarify any issue(s) raised. Quality Benefits The Contractors Plan partners with Transamerica and Nationwide to offer funds from well-known companies such as American Funds, PIMCO, Vanguard, and Neuberger Berman. Employees can choose their own investment mix from these options. Employees who prefer to get help with their investment mix can select a Manning & Napier life cycle or target date fund determined by their risk tolerance or anticipated retirement age. Our plans offer a wide variety of asset class choices for participants while keeping the process simple and easy to understand. Ease of Administration The Contractors Plan provides comprehensive, single-point services. Our simple, effective benefits solutions allow you to focus on your business instead of worrying about your benefits programs. Upload one file and send in one check – we do the rest!
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