The Contractors Plan Joins WECA as Industry Partner to Help Electrical Contractors Bid More Effectively
The Contractors Plan, a division of Fringe Benefit Group, has designed and administered health, retirement and specialty benefits programs for government contractors since 1983. They were the first company to offer benefit plans for prevailing wage workers, and are proud to continue to lead the industry in group benefit plans designed specifically for hourly workers. Their products and services help employers save money, reduce their administrative workload, and stay compliant with government regulations.
Dramatic Payroll Savings
Government jobs can be profitable for electrical and low voltage contractors. Vice President of The Contractors Plan, Nat Peniston, says, "Many electrical and low voltage contractors who work on government contracts, like those funded by the Davis-Bacon Act, state prevailing wage, and living and responsible wage ordinances, pay the fringe benefit portion of the prevailing wage as additional cash wages. But allocating this amount to a bona fide benefit plan (like The Contractors Plan) results in significant cost savings. When the fringe portion of the prevailing wage is used to provide "bona fide" benefits for hourly workers, these dollars are not subject to payroll costs such as FICA, federal and state unemployment taxes, and (in most states) workers compensation insurance. Recognizing that fringe benefit amounts for electrical contractors and low voltage can be extremely high, the savings realized by using fringe dollars to provide benefits can be quite significant over the life of a contract."
Plans Designed for Government Contractors
The Contractors Plan offers hour bank accounting programs that enable employees to "bank" hours worked and extend health coverage during slow work times or layoffs. Peniston explains, "This greatly simplifies the accounting challenges for employers, who already have enough to worry about." Their prevailing wage retirement programs offer unparalleled plan design expertise so owners and key employees can maximize their allowable contributions and substantially reduces the payroll burden of taxes and costs associated with paying fringe dollars as wages on the paycheck. Their retirement plans are flexible, so contributions can be discontinued when a job ends and started when the next job begins. Contributions can vary by trade, job, employee class and other variables.
Clients Large and Small
The flexible benefits program provided by The Contractors Plan works for companies of all sizes, and they've created prevailing wage benefit plans for thousands of employers, including leading electrical and low voltage contractors. Through their nationwide network of independent brokers and agents, they've established The Contractors Plan as the national leader in health and retirement plans for government contractors.
To learn more, please contact:
email@example.com or (512) 827-5359
You can also visit The Contractors Plan YouTube channel and view several helpful videos.