Private contractors bidding on government projects are subject to numerous laws regarding wages and benefits for their employees. The Davis-Bacon Act requires payment of locally "prevailing wages" and the "anticipated cost of prevailing benefits," commonly referred to as fringe benefits. Contractors performing service work for the government on non-construction projects are subject to a similar law, the Service Contract Act (SCA). Allocating the fringe amount to a bona fide benefit plan, such as The Contractors Plan from Fringe Benefit Group, results in significant cost savings on payroll burden because these monies are not subject to FICA, FUTA, SUTA and workers compensation insurance.
The logistics of enrolling employees in benefits plans and communicating with them about their options and responsibilities can be challenging, especially when employees are spread across several job sites or working different shifts. Fringe Benefit Group's new online benefits portal, MyContractorsPlan.com, offers many valuable features for both employers and employees. MyContractorsPlan.com improves benefits enrollment and administration by providing employers and employees with 24 x 7 online access to their health, ancillary and retirement accounts via a customized online benefits enrollment and management platform.
"Contractors frequently have employees spread across several job sites and/or working different shifts, so the logistics involved in enrolling employees in a benefits program and communicating with them about their benefits can be a real headache," said Adam Bonsky, executive vice president of government markets for Fringe Benefit Group. "MyContractorsPlan.com is easy to use and available all the time. It enables employees to enroll in and review their benefits plans at their convenience, while also making it easier for business owners to communicate with them, which is a win-win for everyone."
After securely logging into MyContractorsPlan.com, contractors and their employees can see all contributions in a simple view - providing complete transparency throughout the benefit election process. MyContractorsPlan.com's online interface simplifies plan administration for business owners and/or HR managers because it enables them to view, update, and upload plan information in real-time on the same website, eliminating the need to access separate websites to view health and retirement plan information. They can add or terminate employees, upload census and payment files, track enrollment statistics and simultaneously distribute information to all employees. MyContractorsPlan.com's strong reporting capabilities allow employers to easily create and download customizable reports capturing employee enrollment, termination and plan details. Even managing census information is easy to do using the platform's census compare and upload tools.
For employees, the Dynamic Plan Cart(TM) tool gives participants the ability to create different "what-if" scenarios to allocate their benefit dollars according to their individual needs. As the participant makes selections, the Plan Cart(TM) automatically adjusts, estimating monthly contributions toward health, ancillary and retirement options. Once the participant has enrolled, they can access coverage information and view contributions by pulling up the "Billing History" page, which supports complete transparency around monthly allocations of benefit dollars. The portal also enables employees to pay missed premiums online.
Visit http://www.thecontractorsplan.com/sales-tools/mycontractorsplancom-video.html to view a video of MyContractorsPlan.com.
About Fringe Benefit Group
Austin, Texas-based Fringe Benefit Group and its affiliate companies have helped employers design and administer fringe benefit programs since 1983. Through its nationwide network of independent brokers and agents, Fringe Benefit Group has established itself as the leader in government contractor health and welfare and retirement plans. Drawing on its expertise in the prevailing wage segment, the company has also emerged as a leader in group benefit plans designed specifically for hourly and part-time workers (limited benefit programs). For more information, log on to www.fringebenefitgroup.com or www.thecontractorsplan.com.
PR for Fringe Benefit Group Melinda Hart, 210-824-3433 firstname.lastname@example.org
Source: Fringe Benefit Group