Bona-fide Prevailing Wage Benefit Plans for Open Shop Contractors
Stop Paying the Fringe in Cash!
Now more than ever, your company should be taking advantage of all that a bona-fide benefit plan and trust has to offer. Contracts are won and lost with a little as a thousand dollars between the winners and losers.
Payroll Tax Savings Could Mean the Difference Between Winning or Losing Your Next Bid!
When you choose Arrow Contractors Trust–our IRS-approved and Department of Labor-accepted plan and trust–you’ll reduce your costs, making you more competitive. In addition, you’ll be providing your employees with health insurance benefits, which will ensure you’re in compliance with the Affordable Care Act.
Why you need an expert
Bona-fide prevailing wage benefit plans require an understanding and application of a multitude of rules and regulations. The Employee Retirement Income Security Act (ERISA), IRS rules, the Davis-Bacon Act and state prevailing wage regulations must be carefully coordinated to preserve the compliance integrity and tax advantages of a plan.
No Need to Do it Yourself
- Arrow Contractors Trust understands the complexities and ramifications of not only designing a plan but also administering it in a way that makes it easy for you.
- Our fees are competitive.
- Our results are proven.
What we offer
A personalized approach
- We carefully evaluate your company’s situation, including your existing amount of public work, to determine what type of prevailing wage plan is appropriate – and then we design it
Full-service plan administration
- Processing of health & welfare insured benefits and cash benefits
- Insured benefit options include:
- medical (major medical and MEC strategies)
- group life
- disability insurance
- voluntary benefits
- Cash benefit options include:
- vacation & holiday pay
- supplemental unemployment benefits
- apprentice training
- health savings account (HSA)
- Insured benefit options include:
- Benefit banking for insurance premiums during seasonal layoffs
- Seamless integration between the bona fide health & welfare plan and the retirement plan allowing for discretionary company contributions for owners and key employees
Outstanding service and communications
- Accurate and timely statements (mailed or online)
- Regular meetings with your employees
- Secure online access to account information for employers and employees
- Insured and bonded for professional liability as well as employee theft and dishonesty
- Unlike our competitors, there is never a transaction charge, tax form preparation charge, enrollment meeting charge or processing fees
- We charge a straight percentage of the fringe supplements contributed to the Contractors Trust and a small one-time setup fee
We can also provide audit & investigative assistance
If and when your construction company has to deal with inquiries, audits, and investigations from regulatory agencies, we can do most of the heavy lifting in terms of administrative requirements – so you don’t have to. Plus, with a national reach, it allows us to work face-to-face with state regulators and directly with your CPA or attorney to:
- Provide plan documents
- Answer questions
- Supply data
- Verify calculations
ARCHER JORDAN has worked on many such projects for our clients, and have documented success in expediting the resolution of these matters. Give us a call today and let us help you get back to doing what you do best—winning more government contracts!