Prevailing wage fringe can be very tricky to navigate, and the penalties for error can be very steep. If you would like to be more competitive in the prevailing wage market, or if you’ve been paying cash for benefits because you don’t know what else to do, there’s another option.
- You can count all of the contributions to a 401(k) if it’s set up correctly.
- Do you know there is a government approved tax credit for starting a 401(k)?
- Do you know you can start a company sponsored 401(k) for less than $500?
- In most cases it takes less than one week to set up a company sponsored retirement plan that is both 100% compliant and lets you count all contributions towards prevailing wage.
- If you have a simple IRA plan or no plan at all, you could be paying way more than you should.
There’s no reason to be hesitant because of the cost or the perceived effort involved, there are solutions that are easy and inexpensive to set up, and can be put into effect almost immediately. You can reach me at 859-523-4110 to schedule a time to get together, consultations are always free.
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