“BONA FIDE” DEFINED-CONTRIBUTION RETIREMENT PLANS FOR YOUR FUTURE

Retirement options to meet your needs

Besides lowering your prevailing wage job costs and making your company more competitive as a result of lower statutory payroll taxes and workman’s compensation costs, we’ll show you how your mandatory employee fringe contributions can boost owner contributions and/or offset profit sharing costs. That’s right – by using your fringe monies more efficiently, you can save more while spending less!

CPWIS works with you

We have designed our retirement options so that they can be “layered” with other plans, meaning that we can work with prevailing wage contractors like you to design retirement plans that meet your needs.  That includes creating a mix of defined benefit and defined contribution retirement plans! Our retirement offerings include:

• 401(k) Plans

CPWIS’ plans allow all of your eligible employees to participate by electing to defer their own wages to the plan

• Profit-sharing plans

CPWIS’ profit-sharing plans enable you to make profit-sharing distributions to eligible employees INSTEAD OF PAYING THE IRS. Particularly useful during highly profitable years, these plans are discretionary – meaning you only have to make distributions when its to your company’s advantage. We can even structure your plan to make a higher distribution for owners

• Safe-harbor provisions

If you want to assure that your highly compensated employees (defined by the IRS) can contribute the maximum amount to their 401(k) plan, we can put a safe harbor provision in place.  We can even show you how you can use your prevailing wage contributions to meet the safe harbor employer contributions so that you are not “double-bonusing” your prevailing wage employees, paying fringe dollars as wages in addition to the safe harbor contribution

• Money Purchase Plans

If you only want a pension plan for your prevailing wage employees, then CPWIS can install a money purchase plan for your company. Money Purchase plans are also helpful if you already have a 401(k) and/or a profit sharing plan in place, but you need a plan which can receive prevailing wage contributions.   

CPWIS – we’re more than just employee benefits

CPWIS has years of experience working in prevailing wage and we can help you install a retirement benefits strategy best-suited to your company!   Whether you want to put a new defined contribution plan in place at your company, or need a review of your existing pension plan to insure that it will meet the “bona fide” standard for prevailing wage purposes, CPWIS is here to help. We’ll work closely with you to insure successful integration of your employee benefit plans into your accounting systems. We’ll also make sure that your fringe monies are being properly, and accurately, accounted for by your payroll department, including assisting you in annualizing your premium rates. Finally, we’ll help you put filing and reporting practices in place that keep your company in compliance.

Whether it’s for Davis-Bacon or California prevailing wage, CPWIS can build a plan for you that meet the “bona fide” standard for prevailing wage benefit plans – saving you money now, as well as ‘Money Later’. So, contact us (or have us contact you) and let us help you identify the best retirement plan for your prevailing wage business. You’ll be glad you did.