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Worker401k by Advantage Resource provides 401(k) Plan Design, Administration, and Recordkeeping services. Through an Open Architecture investment platform and fee transparency, Worker401k helps employers with contribution maximization, prevailing wage, and providing a true employee fringe benefit that accomplishes each company’s unique objectives.
An employer’s requirements with respect to notifications and disclosures for company-sponsored pension and retirement plans are burdensome. Companies must provide their employees a variety of forms and documents, and it can be difficult to know what to provide and when to provide it. It can also be difficult to receive forms filled out by an employee easily and securely. Worker401k helps alleviate this burden by providing a company’s employees easy and ready access to a variety of material.
A 401(k) plan with prevailing wage provisions exists (primarily) as a means to reduce labor related burden, not because of an overwhelming desire to deposit large sums of money into an employee’s retirement account. Whether Service Contract (SCA), Davis Bacon (DBA), or state prevailing wage, the decision to deposit required fringe monies into a 401(k) plan belongs to the employer, not the employee. This reality must be taken into consideration during 401(k) Plan Design. A properly designed 401(k) plan with prevailing wage provisions saves a Contractor money and should be part of a well-designed Employee Benefit Program.
We choose to bundle our 401(k) Administration and Recordkeeping services together. By doing this, we’re able to prevent items from slipping between the cracks that can happen when data moves between entities.