A “Prevailing Wage/Davis-Bacon” retirement plan is a “bona fide” fringe benefit recognized by the U.S. Department of Labor and is qualified under Internal Revenue Code Section 401(a).  These plans are subject to ERISA and receive tax advantages as a qualified retirement plan.  When paid as a benefit and not a wage, the employer reduces the payroll-associated expenses such as:

• FICA
• FUTA
• SUTA
• Medicare
• Workers’ Compensation Premiums

Savings can be in excess of 30% of the fringe benefit amount.  In addition, the plan establishes a clear audit trail if your company is asked to document its prevailing wage payments by the Department of Labor.

In our capacity as contract administrator, we provide pension services including:

• Consulting services relating to plan design and implementation, including ERISA required participant disclosure.
• Provide assistance and guidance to employers contributing to the Trust in the form of letters of instruction.
• Discuss with and advise participants of their eligibility for benefits under the Written Plan when requested by a participant, his beneficiary, or representative.
• Provide a report of pension contributions each plan year end, maintain permanent record of pension participants and pension credit for each participant.
• Prepare and distribute Summary Plan Descriptions, benefit application forms, and other Plan communications to participants and beneficiaries.  Maintain file copies of same as required with the U.S. Department of Labor or any other government agency.
• Annual audit of Plan and completion of annual IRS filings.

Why adopt a qualified retirement plan for Prevailing Wage and Davis-Bacon fringe contributions?

• Bid Government Contracts More Competitively
• Reduce Expenses
• Recruit and Retain Top-Quality Employees
• Provide for Retirement of Employees

ASGI has been providing consulting and administrative services for over 25 years.  Our staff has the experience and expertise to assist you in all phases of your plan.