Prevailing Wage Contractor:
Plan Participation Rises from 21% to 92% While Assets Grow From $350,000 to $3.6 Million
A mechanical contracting business saw significant growth in its retirement plan after Tom Hoffman of KAF Financial Advisors convinced the company to add a Prevailing Wage retirement savings component. Before teaming with Hoffman and KAF, the client’s 401(k) plan had just 21% of employees contributing; assets were just $350,000. Today, participation stands at 92% while plan assets have grown 928% to $3.6 million. The business is now operating a stronger company—one that attracts and retains quality workers— thanks in part to Hoffman’s insight on the benefits of the Prevailing Wage component.