Prevailing Wage Retirement Plans
Help clients reduce payroll costs, improve competitiveness, and support stronger retirement outcomes through prevailing wage benefit programs.
What is a prevailing wage retirement plan?
You might already have clients impacted by prevailing wage laws—they just haven’t been recognized yet.
Prevailing wage retirement plans help contractors meet wage requirements under the Davis-Bacon Act while structuring benefits more strategically.
This creates a path for you to go beyond plan administration. You can help clients improve cost efficiency, support growth, and strengthen retirement outcomes.
Where prevailing wage plans fit
Prevailing wage retirement plans are especially relevant for clients working on or expanding into government-funded projects.
They can be considered for:
Construction companies bidding on public projects
Contractors managing Davis-Bacon requirements
Businesses looking to reduce payroll burden
Employers seeking better ways to attract and retain skilled labor
With increased infrastructure investment and ongoing labor shortages in the trades, these strategies are becoming more relevant across the construction industry.
Why prevailing wage matters for your clients
Prevailing wage directly impacts how your clients manage labor costs, compete for projects, and structure employee benefits.
Improve margins
Bid more competitively on government-funded projects
Offer stronger benefits to attract and retain talent
You have an opportunity to deliver measurable business impact, not just retirement plan support.
Win more bids. Keep more margin with prevailing wage plans.
Lower overall labor costs
A more efficient approach to structuring required wages and benefits
Stronger retirement outcomes
Expanded ability to fund employee retirement benefits
More competitive bidding position
Improved ability to bid on and win government-funded projects through fringe-dollar optimization that may reduce labor costs and enable more competitive bidding. When fringe is paid as cash, it is treated as wages and subject to payroll taxes. When it is allocated to qualified benefit plans, overall labor costs may be reduced.
Compliance alignment
Designed to meet Davis-Bacon and ERISA requirements
Benefits of prevailing wage retirement plans
For your clients
Reduced payroll tax exposure on fringe dollars
Improved ability to compete for government-funded projects
Enhanced employee benefits to support recruiting and retention
Support with navigating Davis-Bacon compliance requirements
For your practice
Expand into a specialized, underserved market
Differentiate your offering with a more consultative approach
Strengthen relationships with contractor clients
Introduce a new revenue opportunity beyond traditional plans
Why choose FuturePlan for prevailing wage plans?
The benefits needs of contractors can be complex, especially those who work on prevailing wage projects. Between trying to keep costs down, bidding competitively, and attracting and retaining employees, throwing employee benefits into the mix can seem overwhelming. Our solutions experts have been building prevailing wage solutions that cater to the unique challenges and opportunities of the construction industry.
Deep Exposure
Nearly 40 years of prevailing wage experience with clients and employees contributing over $1.5B to our unique solutions
Proven results
A history of delivering results with a high client retention rate (97%) driven by consistent delivery and tailored solutions based on client needs
Niche Expertise
Trusted partner for contractors navigating complex compliance environments–while helping over 70,000 tradespeople achieve success
Plan design, compliance, and administration support
The Beneco 3-in-1 plan uses prevailing wage dollars to fund benefits, supports profit sharing, and functions as a traditional 401(k) with voluntary contributions and investment options.
FuturePlan delivers this through Beneco, a dedicated prevailing wage solution built specifically for contractors. Beneco offers unique employee benefits that leverage prevailing wage fringe, compliance services, and HR solutions. By partnering with contractors, Beneco empowers them to grow their businesses while helping their employees build a secure and prosperous future for their families. This is a specialized area many providers do not support.
With decades of experience focused exclusively on this space, the team supports:
Plan design tailored to prevailing wage requirements
Administration and compliance oversight
Fringe benefit allocation strategies
Retirement and health & welfare integration
This level of specialization helps ensure plans are compliant and structured to deliver stronger outcomes.
Insights for you
Explore resources to better understand prevailing wage requirements, plan design strategies, and how to identify opportunities within your client base.
How Contractors Grow Their Business with Prevailing Wage Projects
The Beneco Plan vs. the Traditional 401(k)
The Davis-Bacon Act
Utilizing Fringe Dollars For Profit-Sharing
Case study: Business Owner Saves 65% More with Beneco Profit Sharing Plan
Leadership
Behind FuturePlan's deep capabilities is an experienced leadership team dedicated to delivering innovative solutions.
When advisors reach out searching for someone who handles prevailing wage—yes, we do, and it's all that we do. We are a full-service division providing fully bundled plans. This is our specialty, and we've been in this business for almost 40 years.
Let’s build a smarter prevailing wage strategy
If you work with contractor clients—or are exploring opportunities in this space—FuturePlan can help you navigate prevailing wage requirements and identify where these strategies can deliver value.