Call us to find out
more...
(800) 800-5206 |
PREVAILING WAGE FRINGE BENEFIT
PLANS
CONTRACTORS
AND EMPLOYEES
RETIREMENT PLAN
AND TRUST |
Home |
Prevailing Wage Explanation
| Prevailing Wage Retirement Plan
How The Prevailing Wage Plan Works | Retirement
Plans
Davis Bacon Act
| Payroll Savings
| Service Contract Act
Health Insurance
| Compliance | Resources/Links
Information Request Form
The Solution
How the Prevailing Wage Plan
Works
|
If you are an open-shop contractor working on public projects,
you are required to provide 100% of the local Prevailing Wage
on public projects, but you may choose to pay only the Basr Rate
in cash.
By contributing the Fringe Benefit Rate in the Davis-Bacon
Pension Plan & Trust you save the amount you would have paid
in payroll taxes, *workers compensation and insurance premiums
on those funds. |
Example of Employer Savings
Base Labor Rate
Fringe Rate
Total Wage:
Deposit in Davis-Bacon
Cross Payroll |
With Plan
$25.00
8.00
$33.33
-8.00
$25.00 |
Savings
Fringe Rate
FICA/FUTA/SUTA/ * Workers Comp./
State Taxes/General Liability Ins.
Total Savings / Employee |
$8.00
x 34%
$2.72/hr |
Total Savings Monthly
Annually
25 Employees
100 Employees
500 Employees |
$ 9,068.00
$36,268.00
$81,333.00 |
$ 108,800.00
$ 435,200.00
$2,176,000.00 |
Note: Savings based on
1600 hours worked per year
Savings like these enable you
to actually lower your bid while significantly increasing
profits.
The lower your cost of doing business,
the more competitive you can be.
* Workers Compensation
is part of payroll in most states
Tony Gorman, CPCU, CIC
Contractors Benefit Services, LLC
223 East Center Street Manchester,
CT 06040 Telephone: (860) 533-3090
Toll Free: (800) 800-5206
Facsimile: (860) 645-7460
Email: tgorman@gormaninsurance.com |
|
