The Contractors Plan gives open shop prevailing wage contractors several ways to significantly decrease operating costs so they can bid more competitively and run jobs more profitably.
The reason contractors save money by offering bona fide benefits plans is that 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, FUTA, general liability, state unemployment taxes and in most states, workers compensation insurance. Although there are variances in the rates, conservatively these taxes represent an additional 17-25 cents on each dollar paid as cash wages.
With lower taxes and increased deductions, owners and highly compensated employees can choose to put more money towards retirement savings. Your retirement plan includes funds from some of the best-known companies in the U.S. You can choose your own mix of funds, or you can leave the mix to our experts.
With The Contractors Plan, the ongoing cost of your benefit plan(s) can be reduced since your company becomes part of a larger retirement or health plan trust arrangement.
We take the stress, time and paperwork out of managing your benefits plan, freeing you to focus on your business. Whether you use The Contractors Plan to design and build a customized plan or choose our administrative only services, you have our easy-to-use online portal for management, reporting and employee education and enrollment. Not to mention the full support of our expert compliance team if you were to get an audit or just have questions you'd rather not ask the government directly.
Are you compliant with government healthcare mandates? State and federal prevailing wage regulations? Are you sure? With The Contractors Plan, you always know where you stand, without the need for expensive prevailing wage audits. Our comprehensive tracking and reporting features give you the up-to-date documentation you need, anytime.