Welcome to Davis-Bacon Pension Plans, Inc
Since 1988, we have been giving open-shop contractors a competitive edge when bidding on Davis-Bacon,Contact Us
Prevailing Wage or Service Contract jobs.
WHY CHOOSE Us?We know it can be difficult trying to understand all of the legal regulations for your retirement plan.
We're here to assure that everything goes by procedure.
Frequently Asked QuestionsLearn more about Davis-Bacon Penison Plans with our FAQ’S.
What Is The Davis-Bacon Act?
The Davis-Bacon Act of 1931 requires any contractor or subcontractor performing work on a federal government construction contract or federally assisted construction contract over $2,000, to pay their workers on-site not less than the local prevailing wages and fringe benefits paid on similar projects as determined by the Secretary of Labor. The act named after James J. Davis a Senator from Pennsylvania and Representative Robert L. Bacon of Long Island New York, was signed into law by President Hebert Hoover on March 3, 1934 as a way of providing some market stability in an inherently unstable construction industry.
What Is A Little Davis-Bacon Job?
Several States have their own rules for paying prevailing wages for State contracted public works projects these are known as “Little Davis-Bacon” jobs. The bid spec provided by the awarding agency will represent which wages and rules you will follow whether you are Federally contracted in a Davis-Bacon job or a State contracted Little Davis-Bacon job.
What Is A Service Contract?
The McNamara-O’Hara Service Contract Act (SCA) applies to every contract entered into by the United States or the District of Columbia, the principal purpose of which is to furnish services through the use of service employees. The SCA requires contractors and subcontractors performing services on covered federal contracts in excess of $2,500 to pay service employees in various classes no less than the local prevailing wage rates and to furnish fringe benefits found prevailing in the locality. Safety and health standards also apply to such contracts.
What Is The Davis-Bacon Pension Plan & Trust?
It is an IRS Approved Retirement Program designed specifically for open shop contractors who work on Davis-Bacon, State Prevailing Wage Jobs or Service Contracts.
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Participation in the Davis-Bacon Pension Plan & Trust means employees also save the amount which they otherwise would have paid to FICA or income tax on their Fringe Benefits. In addition to tax savings, employees accumulate tax-deferred earnings on their total Trust deposit. These funds will not be taxed until withdrawn, usually at retirement, which occurs without IRS penalties after age 59 1/2.