At Piedmont Group, we work exclusively with government contractors, supporting the initiation and maintenance of specialized employee benefit plans that benefit both your company and your employees.
If your company currently works on government contracts or would like to in the future, we’d like to demonstrate the difference that allocating the fringe benefit portion of a prevailing wage to a bona-fide benefit plan can make for your business:
If you are a federal, state or municipal contractor performing projects and services that are subject to The Davis Bacon or The Service Contract Act, implementing a fringe benefit plan is one of the most effective methods to save bottom-line dollars.
When working on a public works job, contractors are usually required to pay a “fringe” amount for every hour each employee works. Paying the fringe as cash wages, while legal, is the most expensive method for contractors because all wages are subject to the following payroll burden:
The net result is that for each fringe dollar paid as wages, you incur unnecessary payroll taxes – averaging 25% on every fringe dollar paid. The most effective way to avoid this payroll burden is by implementing a fringe benefit plan.
Piedmont Group specializes in helping contractors direct fringe dollars into bona fide employee benefit plans, thus avoiding the unnecessary payroll burden.
Our bona fide fringe benefit plans include:
Ready to take the first step towards big savings? Call or fill out the form below to find out how Piedmont Group can help your company.