The Slow Season Won’t Slow You Down: BCT Now Offers SUB Plans for Non-Prevailing Wage Jobs
You need reliable employees to keep your business running. And wage security helps you attract and retain the best talent out there. BCT now offers fringes for prevailing wage jobs and non-prevailing wage jobs in industries like construction, manufacturing, farming, trucking, and more.
Benefits Expertise
For over 15 years, Builders and Contractors Trust (BCT) has been committed to guiding employers through the best fringe benefit for hourly, prevailing wage workers. Recently, the company announced their Supplemental Unemployment Benefits (SUB) Plan for non-prevailing wage workers as well, expanding coverage to a multitude of industries.
Now, BCT can protect even more companies from lost revenue, helping employers with prevailing wage jobs make their government contract bids more attractive, and ensuring that all companies can still issue paycheck when weather, supply chain issues, and other unforeseen circumstances get in the way.
“We want to stay innovative and keep changing with the needs of the industries,” says Rachel Snyder, BCT’s VP of sales operations.
How Does It Work?
Traditionally, BCT’s (SUB) Plan has allowed employers to take the difference between the stated prevailing wages and employees' total compensation packages and pay it into a SUB Plan instead of raising the hourly pay.
For non-prevailing wage jobs, employers can choose a dollar amount to contribute from each paycheck based on their estimates of the duration of upcoming layoffs.
Since the difference in paychecks in both scenarios is treated as a fringe, it is not subject to the same taxes and labor burden — resulting in cost savings for employers and a fund to pay employees to make them financially whole when work slows down.
“The past few years BCT has had requests to open the SUB Plan to more industries,” says Snyder. “After research with legal, BCT decided it’s about time to share this valuable benefit with all industries that experience downtime!”
Available to all industries that experience short weeks or layoffs, BCT can be added to your benefit package for hourly employees. BCT’s SUB Plan helps companies provide sustainable, accessible income during periods of unemployment.
It’s Time to Get Started
You can find freedom from the burden of cash raises required to meet prevailing wage work requirements. Even for non-prevailing wage jobs that often incur slow downs, BCT’s SUB Plan provides peace of mind. When the job requires a higher amount than a company normally pays its employees, or when projects are delayed and profits are suspended, contributing to a BCT Plan can reduce overhead, taxes, and expenses.
To top it all off, unlike other traditional benefit plans, SUB Plan contributions are not factored into workers' compensation or general liability insurance premiums. In addition, there’s no wait time for benefit eligibility.
Stop dreading your next slow season, and protect you and your employees with a SUB Plan from BCT today.
To learn more about BCT’s SUB Plan, visit bctbenefitplans.com.
