March 29, 2004: Most Contractors Offer Health, Retirement Plans
According to ACCA's results, most contractors (93 percent) provide health insurance, paid holiday, and vacation benefits. Half the respondents require technicians to contribute toward the cost of health and dental benefits.
Eight out of 10 contractors provide some form of retirement plan.
Benefits offered decreased steadily after that. Forty-five percent of respondents offer sick leave; 34 percent offer short-term disability benefits; and 25 percent provide long-term disability.
Across the United States, base technician compensation reported in this survey is in the $35,000-$45,000 range. Twenty percent of the respondents indicated that they offered base pay in the $45,000-$55,000 range. However, compensation varied significantly by region, with contractors in the Northeast and Mid-Atlantic regions offering the highest average compensation.
The results also showed that more than five out of 10 participating companies make 10 percent employer contributions to their technicians' 401(k) retirement plans, while 13 percent make no contributions.
The complete results, including information on bonuses, overtime, and other benefits offered, were sent to all ACCA members who participated in the survey. Members who did not participate in the survey may purchase it for $45 online at www.acca.org/store. The analysis is not available to non-members.
Publication date: 03/29/2004