The state prevailing wage laws require construction companies to strictly follow rules when it comes to bona fide fringe benefits. When it comes to find the right retirement plan provider, things can be tricky and confusing. Thus, it requires careful planning and analysis to ensure that you get nothing but the best provider.
With the many choices available today, it can really be very challenging to come up with the best decision. However, this article aims to help you with this. Below are the different factors that you must look into in order to find the right
prevailing wage retirement plan provider for your business. Take time to check them out below.
– The very first thing that you have to look for in a provider is their compliance with the certain rules set by the state prevailing wage laws, Davis-Bacon Act, IRS, and ERISA. A company that strictly follow the rules will keep you from experiencing problems in the future. Thus, you can expect a smooth process every time.
– Never trust a retirement plan provider who does not take time to sit and discuss with you what they offer. Transparency is very important when doing any kind of business. They must make sure that you fully understand on the services, charges, and the one responsible for the payment. Take note that a good provider ensures that you and your employees have a complete understanding on these things and more. If you notice one that seems to hide something, then you have to go to your next option.
– It is also essential for you to look if the provider has employer and employee portal. This is somewhat related to transparency. This portal is where you and also your employees see how benefits are provided and funded. It must also show the fees paid. If the portal is not available, then be sure that you receive a statement and other reporting that shows all of these information.
– Another important factor to look for is the participant services. Your employees will sure have questions regarding their retirement plans. And so, be sure that the provider is accessible and willing to provide answers to them. A good provider must have a team that will directly answer the questions in the most clear and friendly way.
– Aside from the prevailing wage retirement plan provider, you might have other benefit plan consultants and advisors. While there is nothing wrong with this, some providers tend to refuse or disrupt such relationships for their own benefit. That is why, you have to find a provider that gives you freedom on other benefit plans you and your employees deserve to enjoy.
– Finally, check if the provider offers you coverage such as errors & omissions and proper bonding so you and your employees are protected in case of theft or mistake.
So, these are the different things that you will have to look into when shopping for the best prevailing wage retirement plan provider.