Retirement Solutions
Only 26% of wage-and-salary construction workers are participating in an employer-sponsored retirement plan.1 This is significantly lower than the 34% of workers in all industries combined.
1Aging and Retirement Trends in the Construction Industry, CPWR Data Bulletin, Feb. 2025
26.4%
Construction Workers Participating in a Retirement Plan
Beneco — Your Partner for Retirement Solutions
If you’re looking for a retirement plan that puts your needs first, Beneco provides exceptional fiduciary protection and compliance support. Our investment options are managed by seasoned experts, helping contractors save efficiently and confidently. Discover how Beneco simplifies and secures your savings, allowing you to focus on building for the future.
FOR EMPLOYEES
Our unique 3-in-1 Retirement Plan.
Developed exclusively for prevailing wage contractors, our unique plan enables you to attract, reward, and retain workers, helping them build toward a financial future that paying in cash may not help them achieve. It can also help save your business money.
Our retirement solution allows you to fund your plan with prevailing wage fringe dollars, which can increase participation and contributions. You’ll also avoid corrective distributions and possibly eliminate the need for Safe Harbor contributions.
The Beneco 401(k) gives you the ability to maximize profit sharing capabilities. Fringe dollars contributed to a bona fide trust for the employee’s benefit can be considered a profit-sharing allocation. As a result, the fringe dollars “offset” field employees’ profit-sharing contribution, allowing plan sponsors to contribute to key non-field employees.
Our 401(k) allows for voluntary elective deferral contributions and access to premium investment options backed by the highest technology standards in strength and security.
FOR OWNERS
Lower your payroll expense.
Save more and save better for your own retirement.
Everyone wins.
For those contractors that do substantial prevailing wage work, we can also use this unique 3-in-1 Retirement Plan and our compliance expertise to help you maximize tax-deferred contributions to your own retirement plan.
“We have a really good core group of guys that are loyal and will fight for our company. We’ve got to return that back to them and treat them the way that they need to be treated with the respect and dignity of really caring about them. That’s what we try to do as a company. Its really important to provide that security in retirement for the guys out in the field.”
~ Tom R, President, Champion Electric
Peace of mind at your fingertips
Our user-friendly employee portal puts your employees’ financial security at their fingertips. Plus, our Participant Resource Center is just a phone call away if they need any assistance (in English or Spanish).
Our portal allows you and your staff to manage your company’s retirement benefits in one place, saving you time while providing peace of mind.
BUILD WITH BENECO
Are you a contractor looking to create a more secure and prosperous financial future for yourself and your workers?
We can help.
Contact us for a hassle-free consultation, or join us for one of our free webinars or seminars to get answers to your prevailing wage questions. We are always here to help find solutions that can save you money and support your team.