Beneco
Beneco provides retirement, health, and ancillary benefits administration exclusively for U.S. construction contractors performing prevailing wage work under Davis-Bacon, SCA, and Public Works requirements, operating within FuturePlan by Ascensus.
- Company typePrivate
- Founded1987
- HeadquartersScottsdale, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Beneco does
Beneco is a U.S.-based third-party administrator and employee benefits specialist focused exclusively on construction contractors performing prevailing wage work under the Davis-Bacon Act, Service Contract Act (SCA), and state and federal Public Works requirements. Founded around 1987 and headquartered in Scottsdale, Arizona, the company has spent nearly four decades building regulatory expertise in fringe benefit allocation, certified payroll reporting, and prevailing wage compliance. It operates as a core subsidiary within FuturePlan by Ascensus following Ascensus's August 2019 acquisition from Alpine Investors.
Beneco firmographics
Firmographics- Name
- Beneco
- Legal name
- Beneco
- Website
- https://beneco.com
- Company type
- Private
- Founded year
- 1987
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Beneco provides retirement, health, and ancillary benefits administration exclusively for U.S. construction contractors performing prevailing wage work under Davis-Bacon, SCA, and Public Works requirements, operating within FuturePlan by Ascensus.
- Ownership category
- akta.pro rank
Beneco industry classification
Industry- Product category
- Employee Benefits Administration
- NAICS
- Insurance and Employee Benefit Funds (5251), Health and Welfare Funds (525120), Payroll Services (541214)
- SIC
- Services-Management Consulting Services (8742), Finance Services (6199)
- akta.pro primary industry
- Benefits Administration (BPACAPAC)
- akta.pro secondary industries
- Contractor Benefits & Perks Administration (BPACAGAJ), Employer Retirement Plan Advisory (401(k)/Pension) (FSAEABAE), Retirement Plan Participant Advice & Managed Accounts (FSAEABAF), Employee Benefit & Retirement Plan Trust Services (FSAAANAC), Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK)
Keywords
Where Beneco is headquartered
LocationHeadquarters
- HQ city
- Scottsdale
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Beneco business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Third-Party Administration (TPA) Services: Beneco provides plan design, administration, and compliance services for retirement plans, health and welfare benefits, and prevailing wage fringe benefit programs for contractors. Services include recordkeeping, compliance support, and employee benefits consulting.
- Employee Benefits Consulting: Consulting services for employee benefits including retirement solutions, medical solutions, life insurance, and compliance services for prevailing wage contractors.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Beneco product offering
Product offeringCore offering
Beneco provides third-party administration, consulting, and recordkeeping services for retirement plans, medical benefits, life insurance, HR, and compliance programs tailored to construction contractors performing prevailing wage work under the Davis-Bacon Act, Service Contract Act (SCA), and Public Works projects. Its flagship offering is a proprietary 3-in-1 Retirement Plan that allows contractors to fund retirement benefits using prevailing wage fringe dollars alongside profit sharing and traditional 401(k) contributions, delivered through a cloud-based platform with employee and employer portals.
Product overview
Beneco offers a unified platform of employee benefits and retirement solutions specifically designed for prevailing wage contractors. The core offering centers on the proprietary 3-in-1 Retirement Plan (combining Prevailing Wage fringe funding, Profit Sharing, and Traditional 401(k)), supplemented by Medical Solutions (major medical, HRAs, dental, vision) and Group Whole Life Insurance. The platform also provides tools like the Fringe Savings Calculator, an employee portal, and services including HR Solutions, Compliance Services, and TPA. Beneco is part of FuturePlan by Ascensus, providing plan design, administration, and compliance services for contractors working on Davis-Bacon, SCA, and Public Works projects. The company has partnered with over 1,000 contractors for nearly 40 years.
Differentiator
Problem solved
Functional benefit
Products and services
- Prevailing Wage Solutions Comprehensive employee benefits consulting, recordkeeping, and TPA services for construction contractors performing work subject to Davis-Bacon, SCA, and Public Works prevailing wage requirements.
- 3-in-1 Retirement Plan Proprietary retirement plan for prevailing wage contractors that combines Prevailing Wage fringe funding, Profit Sharing, and Traditional 401(k) components, allowing contractors to fund benefits with fringe dollars, increase participation, avoid corrective distributions, and potentially eliminate Safe Harbor contributions.
- 401(k) Plan Traditional 401(k) retirement plan allowing voluntary elective deferral contributions with access to premium investment options and technology-backed security standards, available to contractors alongside the 3-in-1 plan.
- Medical Solutions Carrier-neutral medical benefits platform comparing options from multiple carriers to deliver major medical, Health Reimbursement Accounts (HRAs), dental, and vision plans tailored to contractor needs and budgets.
- Group Whole Life Insurance Permanent whole life insurance for contractors, providing lifetime protection, guaranteed death benefits, guaranteed cash value growth, and level premiums for life.
- Fringe Savings Calculator Interactive online tool that calculates potential payroll cost savings from strategically routing prevailing wage fringe dollars into benefit contributions rather than taxable cash wages.
- Employee Portal Bilingual employee portal that allows plan participants to manage their retirement benefits and access financial security resources, available in English and Spanish.
Quantifiable outcome
- Over 1,000 contractors have joined Beneco for prevailing wage solutions
- +2 more outcomes
Companies that use Beneco
Customer profileNamed customers2 records
Segments1 record
Ideal customer profiles1 record
Beneco technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Beneco partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- HammrcoreBeneco announced a strategic partnership with Hammr to help streamline payroll and prevailing wage compliance for contractors. The partnership integrates Beneco's prevailing wage benefits expertise with Hammr's payroll technology solutions.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
Beneco competitors and assessment
Company assessmentBroad incumbents
- FuturePlan by Ascensus: Beneco's sister line of business under Ascensus, providing bundled retirement and health/welfare plan administration across many verticals. FuturePlan offers the same TPA-style services but serves a broader customer mix, making it the closest internal comparable for Beneco's core retirement and benefits administration capabilities.
- OneDigital: Large U.S. benefits brokerage and PEO serving employers across industries with consulting, retirement, and health/welfare administration. OneDigital is comparable to Beneco as an employer-facing benefits and retirement solution provider, though without prevailing-wage specialization.
- Paychex: Major SMB-focused payroll, HR, and benefits administration provider with retirement plan services (Paychex Retirement Services). Comparable to Beneco as a small-business benefits TPA, with overlap on retirement plan administration for construction clients, though at much broader scale and without prevailing-wage specialization.
- ADP TotalSource: ADP's PEO/RPO division offering co-employment, payroll, benefits, and HR administration to SMBs across the U.S. Comparable to Beneco as an outsourced benefits and HR administration solution for small employers, with overlapping capabilities in retirement, medical, and compliance support.
- TriNet: PEO providing co-employment, benefits, payroll, and HR administration primarily to small and mid-sized businesses. Comparable to Beneco as an SMB-focused bundled benefits and HR outsourcing provider, with overlap on retirement and health plan administration for U.S. employers.
Direct peers
- LCPtracker (Lanteria): Construction-industry software purpose-built for prevailing-wage compliance and certified payroll reporting. LCPtracker targets the same construction-contractor buyer that Beneco serves, and the two are frequently discussed as complementary tools, making it a directly adjacent peer.
- Prime Pensions & 401(k) Advisors: Boutique retirement plan administration and advisory firm serving small and mid-sized employers, including construction contractors. Directly comparable to Beneco as a niche 401(k) and retirement plan TPA competing for the same contractor buyer, with a similar vertical emphasis on construction.
- Sequoia (Acrisure Retirement Solutions): Specialized retirement plan consulting and administration firm serving plan sponsors across industries. Comparable to Beneco as a focused retirement-plan TPA competing for the same contractor/employer buyer, with similar employer-direct sales motion.
Emerging players
- HealthEquity: Leading HSA, HRA, and consumer-directed benefit account administrator. Comparable to Beneco's HRA/medical offerings where Beneco's Fringe Savings Calculator and HRAs are positioned; HealthEquity represents the larger, more specialized alternative employer plans may compare against.
Regional players
- IBS Payroll Plus / Integrated Benefit Solutions: Regional benefits and payroll administration firm focused on multiemployer and union-related benefit plans, with overlap to prevailing-wage/MEP-style construction benefit structures. Comparable as an admin and consulting peer in adjacent construction/MEP markets.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Beneco social profiles
Digital presenceBeneco financial estimates
Financial estimateRevenue estimate
Valuation estimate
Beneco leadership team
Management profileNumber of profiles
Profiles8 records
Beneco funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Beneco M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Beneco
What does Beneco do?
Beneco provides third-party administration, consulting, and recordkeeping services for retirement plans, medical benefits, life insurance, HR, and compliance programs tailored to construction contractors performing prevailing wage work under the Davis-Bacon Act, Service Contract Act (SCA), and Public Works projects. Its flagship offering is a proprietary 3-in-1 Retirement Plan that allows contractors to fund retirement benefits using prevailing wage fringe dollars alongside profit sharing and traditional 401(k) contributions, delivered through a cloud-based platform with employee and employer portals.
Is Beneco a public or private company?
Beneco is a private company. It is classified as corporate owned and is currently operating.
When was Beneco founded?
Beneco was founded in 1987. It employs 11 to 50 people.
Where is Beneco based?
Beneco is headquartered in Scottsdale, United States, in the North America region.
How does Beneco make money?
Two revenue lines are on record. Third-Party Administration (TPA) Services are the primary driver. The others are employee Benefits Consulting.
Who are Beneco's main competitors?
Broad incumbents on record are FuturePlan by Ascensus, OneDigital, Paychex, ADP TotalSource and TriNet. Direct peers are LCPtracker (Lanteria), Prime Pensions & 401(k) Advisors and Sequoia (Acrisure Retirement Solutions). HealthEquity is listed as an emerging player. IBS Payroll Plus / Integrated Benefit Solutions is listed as a regional player.
Does Beneco have an API?
No public API is recorded for Beneco.
What industry is Beneco in?
Beneco's product category is Employee Benefits Administration. Its primary akta.pro industry code is BPACAPAC, Benefits Administration, with a secondary code of BPACAGAJ, Contractor Benefits & Perks Administration. Its NAICS code is 5251 and its SIC code is 8742.