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Compliance

Commercial Trucking InsuranceThe contractors unit at Plan Benefit Services, Inc. only deals with the Contractors and Employees Retirement Plans. They understand the idiosyncrasies of the Davis-Bacon Act, Service Contract Act and state prevailing wage laws.

Along with the Davis-Bacon Act and the Service Contract Act, 32 states plus the District of Columbia have prevailing wage laws (“Little Davis-Bacon Acts”). Many of these laws vary from state to state and even from the Davis Bacon Act. These laws add an extra layer of complexity over and above ERISA and the Internal Revenue Code.

At Fringe Benefit Group, we have years of experience working with these types of plans. We deal on a daily basis with both state and federal Departments of Labor. Fringe Benefit Group has an active voice in Washington, D.C. where we have a legal consultant whose role is to consult with the Department of Labor.

The bottom line is that we provide a level of service and expertise to the contractor performing government work that far exceeds what is normally provided for a retirement plan utilized for non-government work.

Summary of Services

  • Draft the Plan documents, which are specially designed for the unique needs of prevailing wage contractors, and have them approved by the National Office of the Internal Revenue Service
  • Keep the Plan documents in compliance with legislative and regulatory changes
  • Complete Set-up of new plans, including documents, resolutions, manuals, and account establishment
  • Maintain all Plan records, including records of participants, contributions, earnings, distributions, governmental filings, Plan documents, and correspondence
  • Perform compliance testing
  • Distribute Summary Plan Descriptions and other plan information to participants
  • Take participants completely through the benefits distribution process
  • Distribution check production, Federal and State income tax withholding deposits and reporting
  • ERISA §404(c) fiduciary, for providing investment fund information to participants
  • Allocate earnings, gains, losses, expenses, contributions and distributions to participant accounts
  • Provide participants with statements of their accounts quarterly and on demand
  • Provide employers with quarterly summaries of participant accounts
  • Prepare all governmental filings, including Forms 5500 and 1099-R and Determination Letter filings
  • Provide 24-hour telephone system for participants with account and investment information
  • Spanish-speaking materials, forms and staff members
  • Pension and prevailing wage-consulting services
  • Flexible by-site reporting