Building a Concrete Plan

The world of corporate retirement plans can often feel overwhelming and complex to employers.

To add to that complexity, Davis-Bacon and Service Contract Act contractors have additional sets of rules and regulations to navigate. By partnering with industry experts, Construction401(k) can help you offer your employees a retirement plan without having to take on much of the associated administrative and fiduciary duties.

When building your 401(k)/Retirement plan, we act as the General Contractors; tasked with building a best in class team to ensure this project is a success.

This will involve several Sub-contractors such as the financial institutions (Recordkeepers), Third Party Administrators who handle compliance, and Investment Advisors. Together this team can build a comprehensive blueprint to ensure your plan is on the right track. In the world of construction, progress is often visible or tangible. You can walk around a jobsite and see things being built and completed. A corporate retirement plan is completely intangible. We measure our progress and success by focusing on areas like, fiduciary governance, provider management, fee structure, administrative efficiency, and participant support.

Using fringe dollars to fund a retirement plan can save companies approximately 25% on payroll burden.

Every dollar paid in cash to an employee carries additional cost for the employer in the form of additional taxes for items like FICA and FUTA. By contributing these dollars to the plan, many of these additional costs can be avoided by the employer while also providing a kickstart or enhancement to their employees’ retirement goals. Through these cost savings, employers can experience increased profitability as well as more competitive bidding on future jobs.

Multiple plans. One Comprehensive Solution. Maximum Efficiency.

In our experience, we see many companies with two plans. One, designed for traditional 401(k) dollars for non prevailing wage employees. The other, a plan dedicated solely to prevailing wage contributions. By splitting these plans, employers can create more complexity, inefficiency, and higher overall costs. By providing a comprehensive solution, we can create singular points of contact, and create operational and cost efficiencies. Most importantly, maximize compliance and fiduciary protections.

Attract and Retain Top Talent

A common challenge for contractors is to attract and maintain top talent from a seemingly limited pool of skilled labor. Through our partnership, employers can offer a unique benefit like a comprehensive Financial Wellness program that sets them apart from competition. These resources and personalized touch are only available to employees of your company. With the tools provided, employees can experience financial education in a way that many employers don’t offer. More importantly, the benefit of a sound financial wellness program is the reduction of employee stress around finances. The reduction of financial stress in the workplace can translate to real dollars for employers. It is estimated that financial stress and absenteeism can cost employers $7,000 per year, per employee.

How we help your company

Building a concrete plan, whether it’s the 401(k) for your employees or the sale of your business, requires expert partners that know the construction industry. With our support and services, we will help you grow your business, attract and retain top talent and set you up for the ultimate sale and transition of your company in the most efficient and profitable way.

Work With Us

401(k) plans

Prevailing wage design

Comprehensive financial wellness education for employees

Construction & Service Contractors

This comprehensive service brings together best in class providers to create more efficient and beneficial retirement plans for the owners and employees of Davis-Bacon and Service Contract Act Contractors. In our process, we utilize the most reputable record keepers, third party administrators, and auditors to ensure that your company is meeting its fiduciary responsibilities within the plan.

StatonWalsh is an independent company, which means we don’t have allegiances to one provider. We use our independence to your advantage to ensure you have the most efficient structure and pricing for your retirement plan.

ABC Members

Davis Bacon Contractors

Service Contract Act Contractors

Traditional 401(k) Programs

A Purpose Driven Partnership

Let’s be honest, administration of a Retirement plan is not
a revenue generating activity for most businesses. However, for many businesses, these plans are key to ensuring your people have access to the tools they need to build a
successful retirement.

The only constant in the construction industry is change. Our process is built to ensure businesses and their employees alike have the tools they need to adapt to this change and accomplish their goals. As active participants of several national industry organizations, we stay up to date with what’s changing in the construction industry, both financially and legislatively. This allows us to consistently provide comprehensive value to you and your business. We also understand that there is no one size fits all solution which differentiates us from other providers that market plans specifically to contractors. As a fully independent organization, we can provide a plan that looks out for the best interests of your company and your employees, not our own.

True Independence

As the General Contractors of your plan, we have the ability to “sub-contract” many different providers to ensure best pricing, service, and compliance. Some existing providers sell these plans as a packaged solution. While this may be useful for some, ultimately it lacks the flexibility to customize plan pricing, administration, and in some cases, the ability to switch providers without penalties or fees.