Introduction
Fringe Benefit Group was the first company to offer benefit plans for prevailing wage workers over 30 years ago, and we still focus exclusively on this market.
We can help you:
- Cut job costsSavings on payroll burden and expenses are immediate – see them on your next payroll.
- Submit more competitive bidsThe money you save can be the difference between coming in 10th and winning the bid.
- Provide quality benefits for employees Offer medical, dental, vision, disability, life insurance and retirement plans
- Simplify recordkeeping and administration Benefits are tracked per hour, and the possibility of overpaying premium is greatly reduced
- Extend medical coverage during slow times and layoffs Our unique hour banking program means you pay only for hours worked
- Stay in compliance with DOL, IRS, and state regulations We have years of experience working with state and federal agencies
- Respond quickly and accurately in the event of an audit We partner with you to prepare your responses to inquiries and audits.
Because we specialize in bona fide benefits plans for Davis-Bacon and Service Contract Act contractors, we understand the specific needs of this industry. We know you and your staff don’t have a lot of time to set up or maintain a plan, so we make the process seamless and trouble-free.
Our in-house experts have more than 20 years of experience in plan design and compliance. We’re not only one of the few companies in the United States which handles prevailing wage benefit plans – we were the first.
Payroll Cost Comparison of Fringes Paid in Cash vs. The Contractors Plan
- Base Wage$30.00
- Fringe Amount Paid as Cash$10.00
- Total Hourly Cash Wage$40.00
- Payroll Tax Burden Percentage*25%
- Hourly Payroll Tax Burden$10.00
- Cash Hourly Wage$40.00
- Total Bid Hourly Cost $50.00
- Base Wage$30.00
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- Total Hourly Cash Wage$30.00
- Payroll Tax Burden Percentage*25%
- Hourly Payroll Tax Burden$7.50
- Fringe Amount Paid Into Plan$10.00
- Total Bid Hourly Cost $47.50
With The Contractors Plan, you could see savings of $2.50 per employee per hour or over 5.7% of payroll! Win your next bid… or increase profits.
Download the PDF for more details and tools
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