Reducing Labor Costs, Bid Costs and Employee Benefit Costs on Government Work
Provider: Mason Contractors Association of America
Discipline: Ethics & Business Practices
Many contractors performing government work pay the fringe benefit portion of the prevailing wage as additional cash wages, believing it’s the easiest way to comply with the law. But allocating the fringe amount to a bona fide benefit plan or plans results in significant cost savings, and can dramatically improve a company’s bottom line. Benefits that might be included in a bona fide benefit plan are retirement, medical, dental, vision and life insurance plans.
John G. Allen, CRPS, is the Midwest Regional V.P. for Fringe Benefit Group a firm specializing in Davis-Bacon and prevailing wage benefit programs. Mr. Allen has over 20 years’ experience in the employee benefits industry holds 2 professional designations, Certified Financial Planner (CFP) and Chartered Retirement Plan Specialist (CRPS), from The College For Financial Planning. In his current role, Mr. Allen consults with contractors that perform both government work and private work advising them on prevailing wage and Davis-Bacon regulations, compliance issues and administration of “bona-fide” fringe benefits. Fringe Benefit Group administers The Contractors Plan which is endorsed by construction industry trade associations and helps non-union contractors reduce labor costs, save money, win bids and stay compliant on all government work.
For more information please visit www.masoncontractors.org or contact Mason Contractors Association of America at 800-536-2225.
Future Dates and Locations
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