Pension Plans

If you are currently using a prevailing wage pension plan, Beneco can assist you in helping to evaluate whether your current prevailing wage plan is allowing you and your employees maximum tax savings as well as reducing administrative costs and investment expenses. In the example below you can see that the investment is the same but the difference in cost is significant. The cost difference erodes your employees’ retirement savings by thousands of dollars.

Table of savings by paying fringe benefits into Beneco's bona fide plans

The Beneco Basic and Beneco Plus Plans

The Beneco Basic and the Beneco Plus are two distinct plans that are bona fide under the Department of Labor regulations as well as being approved by the Internal Revenue Service. These two plans save contractors labor burden costs as well as saving the contractors employees personal income taxes and FICA tax. The Basic and Plus plan(s) provide employees with valuable retirement savings.

  1. Beneco Basic - Contractors contribute prevailing wage fringes.
  2. Beneco Plus - Contractors contribute prevailing wage fringes and in addition non-prevailing wage employees, employers and owners may contribute pre-tax and after-tax dollars.
Diagram of savings with Beneco's plans

**Taxes may or may not apply depending on contribution type.