Below is an example of how much can be saved in labor burden costs by contributing the fringe benefit portion of the prevailing wage into Beneco’s approved plan(s):
The Beneco Basic and Beneco Choice Plans
A contractor working on projects subject to the
or state prevailing wage laws can either pay out 100% of the prevailing wage rate (base wage plus fringe directly to their employee) or can contribute
all or part of the fringe into a
approved plan(s). The fringe amount contributed by the employer escapes FICA, SUTA, FUTA, Medicare,
Workers Compensation premiums, and general liability premiums** for the employer. The employee saves FICA, Medicare, Federal and State income tax.
The employer can contribute the fringe into a pension plan, health & welfare plan, vacation program, or a combination of plans.
Why Partner with Beneco?
Because we can provide several solutions to effectively contribute prevailing wage fringe benefits into plans that save you and your employees money.
Since 1989, Beneco has helped contractors working under the
and state prevailing wage laws save millions of dollars in labor burden costs while providing their employees with valuable benefits.
*Payroll Burden is subject to employer payroll tax, worker's compensation premiums or general liability premiums.
**General liability premiums are included if based off payroll verses gross sales.