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!
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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.
Related to: Third Party Administrator, TPA, Pension Plan Design Consultant, Retirement Plan Consultant, Retirement Plan Design, Pension Consultant, Third Party Benefits Administrator (TPA)
Further Reading: Public Works Plans
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The Latest News
Getting the Word Out to Your Employees about Retirement Planning
Posted on May 18, 2022
A positive, consistent, and easy-to-understand communication plan is key to motivating employees to participate in your retirement plan. It’s also important to keep the lines of communication open and be available for questions. You might also consider working with your plan administrator to offer financial literacy resources for employees. »
Starter-K Act of 2022 Introduced in the Senate
Posted on Apr 12, 2022
On March 30, 2022, Senators John Barrasso (R-WY) and Tom Carper (D-DE) introduced the bi-partisan Starter-K Act in the Senate. This bill allows employers who do not offer a qualified retirement plan to their workers to establish a starter 401(k) deferral-only arrangement for plan years beginning after 2022. »
MyCTSavings Notice: Employers with Qualified Retirement Plans Must Certify Their Exception
Posted on Apr 4, 2022
Connecticut has implemented a mandatory program called MyCTSavings for employers with 5 employees or more who do not currently have a retirement plan in place. Employers who already offer a qualified retirement plan are exempt, but they are required to certify their exemption online. »