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PRA Alaska Employee Benefits
Why choose us

compensation benefits

Active employees are paid based on that employee’s contract assignment; the employee’s rate of pay is determined when a contract between PRA and the Client is signed. Our markup on professional rates is extremely low, and we pass through ~83% of invoiced revenue to employees as compensation.

With this extremely low overhead, and high pass-through, we compensate our employees at a higher rate than most similar companies. We offer a flexible compensation plan, allowing our employees to maximize the benefit from their earnings.

The Simplified Employee Pension Plan, or SEP, is a pre-tax retirement plan, managed through Vanguard, that allows our employees to manage their funds directly with online tools.

The SEP allows employees to shelter a significant portion of their income from payroll taxes (withholding, Social Security, Medicare), with a current annual cap of $57,000. Please note that after an employee has reached the maximum contribution allowed by the IRS for a single year, the portion of their compensation that would be distributed as SEP is instead distributed as W-2 income. This is an extremely popular plan amongst employees, who are immediately vested in the program, and have complete control of the funds in their personal investment account (Vanguard).

What is a SEP-IRA?
A SEP-IRA (Simplified Employee Pension) is a simple, tax-deferred retirement plan for anyone who is self-employed, owns a business, employs others, or earns freelance income. Employers may contribute up to 25% of the employee's total compensation (W-2 pay) or a maximum of $57,000 for the 2020 tax year, whichever is less.

More than 100 Vanguard mutual funds, are available to you, including 43 index funds with AdmiralTM Shares. Vanguard ETFs (exchange-traded funds), plus mutual funds and ETFs from other companies, individual stocks, CDs (certificates of deposit), and bonds are also available. Further documentation on Vanguard SEP is available to upon request.

Our Blue Cross Blue Shield health insurance plan is open to all PRA employees and families. Participation is elective, and employees who choose not to participate will have this component of their compensation allocated to their W-2 income and SEP. Our group insurance plan:

  • Allows employees to pay for out-of-pocket expenses with pre-tax monies.
  • Allows premiums to be paid pre-tax and pre-markup (a savings of ~37% to the employee)
  • Has a flexible spending account.
  • Provides quality health care coverage at a competitive price.
  • Includes a Health Savings Account (HSA plan).

HSA plans are beneficial in several ways: contributions are 100% tax deductible, withdrawals are tax-free for eligible healthcare expenses, and it allows for tax-free growth from interest earned and any earnings from investments.

Money in your account may be spent on qualified health care expenses (deductibles, dental, prescription drugs, eye exams and glasses, etc.). If this money is not used that year, the money remains in the account and the additional monies can be deposited into the account in the next year. Monies in the account can be spent whenever needed for qualified medical expenses; it is NOT a "use or lose" account.

HSA funds are owned by the member, so the money never expires - even if they change jobs, health plans, or retire. Additionally, HSA funds can be invested in a variety of mutual funds with no transaction fees. Unused HSA funds accrue interest over time. Members who are 65 or older, or permanently disabled, can use HSA funds for nonmedical expenses without penalty.

The plan is suitable for employees who reside out of state (except Hawaii). Because we are part of the Blue Cross network; a member can get services from a provider with a preferred contract with a Blue Cross plan anywhere in the US and have the claim paid as if it were in Alaska using a preferred provider.

Group Health Plan enrollment is elective for eligible PRA employees, and premiums are paid by PRA as a component of total employee compensation (W-2 payroll, SEP contribution and Insurance).

Further information about the PRA Group Health Insurance Plan is available upon request.

PRA provides Workers’ Compensation for all eligible employees, and we cover General and Professional Liability insurance for all our employees. In addition, PRA provides a LifeWise life insurance policy on every employee.

Direct deposit of employee paychecks is available to all employees through Intuit.

We appreciate your interest in PRA. If you have any questions, please feel free to contact us.