Compare fringes paid in cash
with the Dollar Bank® plan.
|
| Paying the Fringe in Cash |
|
Base Wage |
$20.00 |
Fringe Amount Paid as Cash |
$8.00 |
| Total Hourly Cash Wage |
$28.00 |
Payroll Tax Burden Percentage |
30% |
FICA: 7.65%, FUTA: 0.8%, SUTA 2.2%,
(workers comp: approx. 20%, varies by state) |
|
| Hourly Payroll Tax Burden |
$8.40 |
Cash Hourly |
$28.00 |
Total Bid Hourly Cost |
|
Providing Bona Fide Benefit Plan |
|
Base Wage |
$20.00 |
Total Hourly Cash Wage |
$20.00 |
Payroll Tax Burden Percentage |
30% |
| Hourly Payroll Tax Burden |
$6.00 |
Fringe Amount Paid into Plan |
$8.00 |
Total Bid Hourly Cost |
$34.00 |
|
|
The Dollar Bank® saves you per employee hour, or over 6.5% of payroll. |
$2.40 |
|
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<><><><><><><><><><><><><><> Compliance Support Services
The US Department of Labor is already increasing its investigative staffing anticipation of auditing projects funded by the American Recovery and Reinvestment Act. It’s almost a certainty that any contractor who works on a federally funded job will be audited.
When you partner with the Dollar Bank® you receive unparalleled support and expertise in designing your response to an inquiry or audit at no additional cost. Since we’ve specialized in prevailing wage plans for 25 years we have relationships with officers at the DOL and understand what they expect to see in an audit or inquiry situation. We help gather request reports and documentation quickly, and can speak to DOL officials on you behalf to clarify any issue(s) raised.
Quality Benefits
The Dollar Bank®/Contractors Plan partners with Transamerica and Nationwide to offer funds from well known companies such as American Funds, PIMCO, Vanguard and Neuberger Berman. Employees can choose their own investment mix from these options. Employees who prefer to get help with their investment mix can select a Manning & Napier life cycle or target date fund determined by their risk tolerance or anticipated retirement age. Our plans offer a wide variety of asset class choices for participants while keeping the process simple and easy to understand.
Ease of Administration
The Dollar Bank® provides comprehensive, single point services. Our simple, effective benefit solutions allow you to focus on your business instead of worrying about your benefits programs. Upload on file and send in one check we do the rest! - Administration
- Recordkeeping
- Participant Services
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