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VACATION/HOLIDAY PLANS FOR PREVAILING WAGE CONTRACTORS
Vacation/Holiday plans are, perhaps, the best-known and easiest to understand of the cash benefit plans that CPWIS offers. Commonly used by labor unions for their members, CPWIS can tailor a vacation/holiday plan that meets both Davis-Bacon and State prevailing wage requirements. Having doubts about your ability to provide “bona fide” benefits to your employees? Once you’ve looked at our strategy for taking the fringe off of payroll, you’ll see how you really can use employee benefits to lower job costs by reducing statutory payroll taxes and workman’s compensation premiums!
Advantages of Vacation / Holiday plans
Whether you choose to use a vacation / holiday plan on its own, or paired with our Supplemental Unemployment Benefits (SUB) plan, Vacation / Holiday can be a great way to manage your Davis-Bacon fringe benefits dollars (not to mention California prevailing wage fringe and that of the other Little Davis-Bacon’s). Easy to understand and easy to communicate to field-employees, Vacation / Holiday plans are particularly beneficial for trades with extremely high prevailing wage fringe rates.
Vacation / Holiday plans that work for you
While Vacation / Holiday plans are not ideal for every company, they do feature critical benefits that may be right for you. Highlights of a Vacation / Holiday plan include:
• Easy Administration
Deposits to an employee’s Vacation / Holiday account are made on all prevailing wage hours worked, based upon a predetermined contribution amount per hour
• Accessible funds
Vacation / Holiday account totals are paid out to employees on June 1st and December 1st, meaning they have regular access to their prevailing wage fringe money
• Simple Tax calculations
Vacation / Holiday contributions are made net of statutory tax payments for both the company and the employee, simplifying tax planning
CPWIS offers the support you need
Your cost-savings strategy is dependant upon successful implementation of your prevailing wage benefit plans – and that’s where CPWIS can really help. As your prevailing wage consultants, you will be able to rely on CPWIS to offer the advice and guidance you need to insure that your employee benefit contributions are accurate and in compliance with Davis-Bacon and state prevailing wage regulations.
Is a vacation/holiday plan right for your Prevailing Wage business? Why don’t you just contact us (or have us contact you) and let us help you determine the right cash benefit for your prevailing wage business. Your travel agent will be glad you did!
