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Public Works Plans
A simple, low cost, innovative approach to Prevailing Wage Law Compliance. Our program offers an easy to understand solution that satisfies DOL requirements, while providing an open shop contractor the opportunity to not only lower their expenses, but reduce their liability.
Through this plan an Employer will realize a number of benefits and savings when they adopt the TPS Public Works Plan.
A simple, low cost, innovative approach to Prevailing Wage Law Compliance.
Our program offers an easy to understand solution that satisfies DOL requirements, while providing an open shop contractor the opportunity to not only lower their expenses, but reduce their liability. The Supplemental Fringe is paid into the PWP. It is then used to fund a variety of benefit options per a menu designed and selected by the employer. An employee may choose to follow the pre-determined selection of benefits or they may customize the selections and contributions best suited to their individual situation.
Through this plan an Employer will realize a number of benefits and savings when they adopt the TPS Public Works Plan.
Cost Savings: The employer will save substantial payroll costs with FICA, Worker’s Compensation, and Employer Liability insurance costs by having the Supplemental Fringe contributed to the PWP. Typical savings range between 30 to 40 cents per dollar.
Benefits Administration: The employer will now have a Third Party Administrator (TPA) administering their benefits under the PWP. This administration includes, but is not limited to, the employer’s sponsored medical plan(s). The TPA will handle all billing and enrollment issues, including the occasional question an employee or employee’s family member may have regarding claims and the insurance.
If you participate in Prevailing Wage Jobs, please call us at 855-828-2229 to learn how we can help!
Related to: Third Party Administrator, TPA, Pension Plan Design Consultant, Retirement Plan Consultant, Retirement Plan Design, Pension Consultant, Third Party Benefits Administrator (TPA)
