|Prevailing Wage Compliant Retirement Plans|
Prevailing wage contributions made for hourly employees can drastically increase the amount owners and key employees can put away for their own retirement. Most traditional retirement plan administrators don't use this simple yet powerful feature.
With The Contractors Plan, we put these contributions to work for you, reducing your profit-sharing costs while increasing the amount of profit sharing you can allocate to yourself and other key employees.
Contributions made to satisfy prevailing wage obligations can benefit owners in two ways:
The "Boost": increases the amount company owners, family members, or top-paid employees can voluntarily defer into the plan.
The "Offset": offsets the amount of any profit-sharing contribution, on a dollar-for-dollar basis, a prevailing wage worker would otherwise receive.
A Safe Harbor retirement plan enables owners to take advantage of both the boost and the offset.
To learn more about these options and see examples of how they work, click the links above.