Prevailing Wage Benefit Plans
All of the complex issues facing Government Contractors require special assistance and unique benefit planning. Patterson Smith Associates, LLC can help implement:
- Plans which may complement your existing benefit programs.
- Plans that will match the designated fringe benefit rate for every trade for all of your projects.
- Plans that can be funded hourly and on actual hours worked, so your certified payroll requirements may be more easily administered.
- Plans that will help lower your labor burden (FICA, FUTA, SUTA, Workers Compensation, and General Liability premiums).
- Plans which will be in compliance with federal and state prevailing wage law requirements and the Affordable Care Act, a.k.a. ObamaCare.
- Pension plans for contractors who want to make contributions only for hourly employees to comply with Davis-Bacon, State Prevailing Wage and Service Contract Act projects.
- 401(k) Profit Sharing plans designed for employers who wish to include all their employees, these plans can receive Prevailing Wage contributions and employee elective deferrals.
- Fiduciary services to both plan sponsor and participants, including participant and trustee directed investment options.
- Major Medical Health & Welfare programs for Government Contractors designed to comply with hourly requirements for companies who must submit certified payrolls. Plans which meet minimum value and affordability tests under the Affordable Care Act.
Minimum Essential Coverage Plans (MEC)
- These affordable Medical plans can help alleviate penalties under the employer mandate of the Affordable Care Act.
Supplemental Unemployment Benefit Plan
- A Supplement Unemployment Benefit (”SUB”) Plan is a bona fide fringe benefit plan approved by the Department of Labor used solely to provide Supplemental Unemployment Benefits to your employees during periods of lay-off, short work periods or work stoppage.