As the snow is melting, I’m sure all of the seasonal contractors are gearing up to get back to work! There is still time, however, to put a comprehensive bona fide benefit plan and trust into place before things get too busy.
Here are the steps required to put a plan into place:
- Conduct a cost/benefit/savings analysis of offering a plan, including annualization ramifications.
- Discuss and develop the plan features and benefits to be offered, such as medical, health savings accounts, vacation, supplemental unemployment, a 401(k) option, etc.
- Draft service agreement and plan documents.
- Conduct a meeting with office staff to discuss administrative procedures.
- Conduct meetings with employees to discuss the plan and answer questions.
All of the above steps can be completed in as little as two weeks. Please reach out to us if you would like to take the first step and have us prepare a free cost/benefit/savings analysis for your company.
If you have additional questions please do not hesitate to contact us or download our whitepapers – “Harnessing the Power of Supplemental Unemployment Benefit Plans” and “Working the Fringe.”
Please also view our short animated video, to see how constructing a bona fide fringe benefit plan, can move prevailing wage dollars out of payroll and reduce associated costs. Increase profits. Submit more competitive bids. Build employee loyalty.