Newsroom
Media Contact
Melinda Hart
Fringe Benefit Group
(210) 824-3433
melinda@melindahartpr.com
| ASA Sell Sheet |
|
Specialty Contractors: Do you want to save money and improve your chances of working on prevailing wage jobs? The Contractors Plan powered by Fringe Benefit Group is the answer. 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:
Competition for public works jobs is tough, and bids are being won or lost by increasingly smaller margins. Many prime contractors are actively seeking subs who use bona fide benefits plans, knowing they can pass along the savings on payroll burden in the form of lower bids. 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 The Contractors Plan saves you $2.40 per employee per hour, or over 6.5% of payroll.
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. Since the prime contractor is liable for its subcontractors, subs that already have compliant prevailing wage benefit plans are much more likely to be chosen for public works jobs. 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. We also work with quality partners like United Healthcare, Aetna, PacifiCare, Insurers Administrative Corporation, Grouplink, Inc., Safeguard, United Healthcare Specialty Benefits and Avesis. Ease of Administration The Contractors Plan provides comprehensive, single-point services. Use our Total Fringe solution to allocate the entire fringe portion of the prevailing wage and maximize your savings. Then upload one file and send in one check – we do the rest, including billing, administration, eligibility and COBRA. asa.contractorsplan.com |
