Has your state issued a mandate to begin a retirement plan for your employees? Or have you already enrolled your company into a state-mandated plan and wondered if it’s the best option for your company?

Whether you have an impending deadline from your state to start a retirement plan or are already enrolled in one, it is important to know that you can enroll your employees in any qualifying employer-sponsored retirement plan, such as a 401(k) plan through Beneco, where you can get help from set-up to disbursement. 

NOTE: You don’t have to work on prevailing wage projects to take advantage of the Beneco 401(k) plan.

What are the key differences between Beneco’s Retirement Plan & most state-mandated plans?

First and foremost, with the Beneco plan, you can reduce labor costs on prevailing wage projects by contributing fringe dollars to your company’s own 401(k) plan. Our 401(k) plan also allows company owners and highly compensated employees to participate. Plus, Beneco will help you with the administration of your plan and be there to help you with any questions.

One of the main differences between a 401(k) plan and a state-sponsored retirement plan is that most state plans are Roth individual retirement accounts (IRA). Here are a few of the others to think about:

It is also important to note that employers in jurisdictions with state-mandated retirement programs who don’t comply with the requirements or miss enrollment deadlines may be penalized. These penalties vary by state.

Whether you have an approaching deadline, missed the deadline, or looking for a better option for your company, you can contact Beneco to find answers to your questions. We can also help you learn about maximizing your prevailing wage dollars, staying in compliance, and creating a benefits plan that works best for you and your employees. You can also read more about the Beneco 401(k) Plan here.

Click the map below for Georgetown University’s Center for Retirement Initiatives Interactive Map.