Solutions

Helping every worker build long-term financial security

Retirement savings should be within reach for every employee, full-time, part-time or hourly. Through our exclusive partnership with Transamerica, we deliver plans that are simple to save into, flexible to administer and built for prevailing wage work.

Two programs tailored to a range of workforce needs

Contractors Plan Retirement Trust

A specialized retirement solution built for prevailing wage contractors. Helps employers meet benefit obligations under the Service Contract Act and Davis-Bacon Act while creating tax-advantaged contribution opportunities for owners and key employees.

FBG Retirement Advantage

A flexible single-employer 401(k) solution available across industries and company sizes. Combines recordkeeping, compliance oversight, and third-party administration services into one fully integrated program.

Plan consolidation

Running an office 401(k) alongside a separate prevailing wage plan means two documents, two tests and two Form 5500s. We combine them into one plan, tested together at year end, or administer both and coordinate the testing.

Put the fringe to work against your employer contributions

We use the contributions already going into your employees’ accounts to cut what the company writes a check for and open room for owners and highly compensated employees.

The Contractors Plan Boost

Prevailing wage contributions count as employee deferrals, raising the NHCE average so owners and managers can max out their 401(k) with no taxable excess.

See a Boost example

Twenty-two non-highly-compensated employees, $300,000 in prevailing wage contributions. Counting those contributions lifts the NHCE average deferral to 28.55%, so both HCEs defer the full $24,500 with zero taxable excess.

ADP test worksheet: 22 NHCEs with $14,600 in deferrals and $300,000 in prevailing wage contributions produce a 28.55% NHCE average deferral and a 35.69% maximum HCE deferral, letting the owner and manager each defer $24,500 with $0 taxable excess.

Profit sharing you direct

Reward specific employees without contributing for everyone. Deposited fringes offset the cost for prevailing wage employees.

See a profit sharing example

Prevailing wage deposits satisfy the required contribution for the twelve PW employees, so the discretionary profit sharing goes where the owner directs it: $129,724 to the three HCEs and targeted percentages to the four non-PW employees.

Profit sharing worksheet: three HCEs receive $129,724 in discretionary profit sharing at 20 to 29 percent of compensation, four non-prevailing-wage employees receive 3 to 9 percent, and twelve prevailing wage employees receive $83,574.72 in prevailing wage contributions with no additional profit sharing.

Safe harbor match offset

Fringe dollars are already fully vested, so they count toward the required safe harbor contribution and shrink the remaining match deposit.

See a safe harbor example

Prevailing wage contributions absorb nearly all of the required safe harbor match for the NHCEs, leaving $1,055 to deposit against $14,400 for the HCE. Modeling based on 2024 IRS limits.

Safe harbor worksheet: the calculated match for four NHCEs is reduced by their prevailing wage contributions to a remaining deposit of $1,055, while the HCE match is $14,400, so 93 percent of the employer safe harbor deposit goes to the HCE.

Outcomes depend on your workforce, contribution levels and current IRS limits. We model your plan before you commit.

Our partner

Delivered through Transamerica

Retirement solutions built for hourly and prevailing wage teams.

Transamerica