Partnering with Prevailing Wage Contractors to Help Build Strong American Businesses; It’s What We Do!
At Beneco, we are one of the industry’s leading Prevailing Wage and benefit plan experts. For nearly 30 years, we have saved our clients hundreds of millions of dollars in total labor costs*. Our customers recognize the importance of reinvesting back in their business, their employees, and their communities.
We partner with contractors who perform municipal and public works projects that are subject to the regulations of the Davis-Bacon Act. Here’s how it works. Instead of paying employee fringe benefits in cash, those dollars can be contributed to a benefit program on their behalf. Since those dollars are not considered compensation to the employee, they are not subject to payroll taxes, unemployment taxes and various types of insurance. This can potentially save contractors 8%-10% in total labor costs, while at the same time providing valuable benefits for their employees.
A suite of benefit and retirement plan programs are available, ranging from pension and 401(k) plans to medical and other ancillary programs, including apprenticeship programs designed to encourage the education of next generation contractors. Through these programs, employees and their families can reap the benefits today and tomorrow, fostering stronger and more stable businesses.
Virtually all of our member-base are family-owned and have deep roots in their respective communities. The dollars our clients save allow them to grow their business, add personnel, upgrade equipment and create loyalty with their employees. As a result, our clients cultivate a stronger reputation in their community and build a more solvent business over time.
Our clients build American infrastructure and we help build their businesses – stronger American businesses. If you are a contractor performing Prevailing Wage jobs, contact us today! We want to partner with you and help you to be always building!
* based on total contributions remitted multiplied by an average labor burden of 25%. Labor burden consists of FICA, FUTA, SUTA, General Liability premiums and Worker’s Compensation insurance.