If you are an employer that works on Davis Bacon or Federal Prevailing Wage projects, a Prevailing Wage Retirement Plan, Hour Bank, HRA, or HSA can help you and your employees.
Employers reduce your Labor burden and bid your contracts more effectively. Employees are helped to secure their future and help manage a continuation of their benefits. Prevailing Wage contributions can be used in bono fide plans including, but not limited to:
- Retirement Plans - Employer QNEC contributions create a retirement plan for a secure future. Reduce and eliminate FICA, FUTA, SUTA on Prevailing Wage Contributions to your qualified plan.
- Medical Health Plans - Employer contributions of the fringe to an Hour Bank Health Program can secure benefits during cyclical layoff periods for your employees.
- Medical Health Plans - Health Reimbursement Accounts, Flexible Benefits, HSAs, allow for Fringe contributions to grow benefits.
- Tax Deferral and/or tax advantage accounts for long term growth and security.
- Processing for Distributions, Loans & Terminations
- Governmental Testing (i.e. ADP/ACP, Top Heavy, 415, 402(g), etc…)