401K
For nearly 15 years contractors nationwide have used our plans when working on Davis Bacon, Service Contract, or other prevailing wage laws. Our expertise in designing plans which optimize your ability to win more contracts while also meeting your specific company needs is unsurpassed. We provide the best mix of valuable retirement benefits, low out of pocket administration costs, top flight participant customer service, and innovative plan design. To date we have assisted over 1,600 employers nationwide and we currently have approximately 20,000 participants.
HOW CAN BSI HELP WITH YOUR 401K?
BSI can draft the Plan documents, which are specially designed for the unique needs of prevailing wage contractors, and have them approved by the National Office of the Internal Revenue Service
- Keep the Plan documents in compliance with legislative and regulatory changes
- Complete Set-up of new plans, including documents, resolutions, manuals, and account establishment
- Maintain all Plan records, including records of participants, contributions, earnings, distributions, governmental filings, Plan documents, and correspondence
- Perform compliance testing
- Distribute Summary Plan Descriptions and other plan information to participants
- Take participants completely through the benefits distribution process
- Distribution check production, Federal and State income tax withholding deposits and reporting
- ERISA ยง404(c) fiduciary, for providing investment fund information to participants
- Allocate earnings, gains, losses, expenses, contributions and distributions to participant accounts
- Provide participants with statements of their accounts quarterly and on demand
- Provide employers with quarterly summaries of participant accounts
- Prepare all governmental filings, including Forms 5500 and 1099-R and Determination Letter filings
- Provide 24-hour telephone system for participants with account and investment information
- Spanish-speaking materials, forms and staff members
- Pension and prevailing wage-consulting services
- Flexible by-site reporting
Investment Management
The trust utilizes some of the top asset managers in the financial services industry including the following:
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Key Employer Advantages
- You become more competitive and profitable.
- Comply with the intent of the Davis-Bacon and Service Contract Acts by providing a valuable employee fringe benefit.
- Flexibility to cover different job sites and job classifications at different rates.
- Equalize take home pay for employees moving between private and public projects.
- Boost key employee benefits.
- You save:
- FICA Contributions
- Workers Compensation Premiums
- Public Liability Premiums
- Federal Unemployment Tax
- State Unemployment Taxes
- Employee Benefits
- Employees receive normal take home pay.
- Pay income tax only on normal wages.
- Pay FICA only on normal wages.
- No income taxes paid until funds withdrawn.
- Employees have individual accounts.
- The plan is totally portable.
- The account is 100% vested (Excluding employer matching and non prevailing wage profit sharing contributions).
LET BSI KEEP YOU IN COMPLIANCE WITH GOVERNMENT REGULATIONS!
Please complete this form for a free quote or call us directly at 800-382-2044
