Let Us Build It For You
Today’s contractors are expected to be experts in payroll, accounting, investing, reporting, regulations and compliance. That’s not why you got into this business. It is, however, why we’re here. Let our experts handle the financial and regulatory side of your benefits, so you can do what you do best.
The Beneco Plan
Dedicated Account Manager
Fringe Benefit Strategy Sessions
Ongoing Service Commitment
Reward and Retain Key People
Compliance and FiduciaryDuties
As a plan sponsor, if you are starting a Prevailing Wage, 401(k), or profit sharing plan, you should understand that you will share in the fiduciary responsibilities of those plans. If you already have one of the above, do you understand your fiduciary obligations and best practices to ensure compliance? That duty is daunting, complex, and ever changing.
While Beneco is not a fiduciary, we have partnered with industry leaders Newport Trust Company and NFP Retirement to limit the risks and responsibilities you face under ERISA regulations. We offer federally compliant and end-to-end management that includes:
- Compliance with Davis-Bacon, ERISA, and all other state and federal regulations
- Receiving contributions and investing the monies directly into the plan’s chosen investment(s)
- Recordkeeping and administration
- Processing of distributions and documentation
- Preparing 1099’s for year-end tax reporting, as well as quarterly statements
- Ensuring plan documents and provisions are being followed
- Safeguarding the plan’s assets
- Providing investment management services, trustee liability services, reporting and documentation.
How Much Can You Save?
For more than 25 years, we’ve partnered with contractors all over the country saving them money on Prevailing Wage projects. And we’re still building today, constantly finding new ways to improve our services and the returns they yield you, your business and your valued employees. Let us show you the many different ways the Beneco Plan can be always building your business.