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Fringe Benefit Group
|Small Group Major Medical Plans Now Available for The Contractors Plan Customers|
Austin, November 7, 2011 – Fringe Benefit Group, an industry leader in the design, implementation and administration of health and retirement plans for contractors, today announced it has added a small group major medical product to the portfolio of options available to The Contractors Plan customers. The Contractors Plan is Fringe Benefit Group’s prevailing wage benefit program, which helps merit shop contractors reduce labor costs, win more bids and stay compliant while providing valuable retirement and medical benefits.
With more than 24 years of experience developing and implementing retirement programs for third party administrators (TPA)s, Steve most recently served on the document services and ERISA compliance teams for Charles Schwab Retirement Plan Services Company. He was an early member of the Fringe Benefit Group team, managing its retirement plan administration group through 1997.
Since 1979, Fringe Benefit Group has been helping contractors satisfy wage law requirements with fringe benefit programs designed exclusively for hourly workers. The Contractors Plan makes enrollment and benefits administration easy for business owners. The employer simply chooses the benefits they want to provide to employees from The Contractors Plan’s portfolio of medical, retirement and specialty benefit products (including vision, dental and group life insurance) and Fringe Benefit Group takes care of all the details.
“With this new small group product, we are now able to help even more contractors. The majority of contractors in the U.S. employ less than 50 people and we can provide them with medical, retirement and specialty benefits to satisfy their fringe obligations,” said Adam Bonsky, executive vice president of government markets at Fringe Benefit Group. “Putting the fringe toward benefits really has an impact on a company’s bottom line because bringing the payroll burden down helps make their bids more competitive. Perhaps most importantly, this solution is flexible and its administration is simple.”
Contractors who use the entire fringe portion of the prevailing wage to offer benefits can save a significant amount of money because when the fringe portion of the prevailing wage is used to provide benefits for hourly workers, this amount is not subject to payroll costs such as FICA, FUTA, state unemployment taxes and workers compensation insurance. Although there are variances in the rates for the last two, conservatively these taxes represent an additional 25 cents on each dollar paid as cash wages.
The Contractors Plan’s new small group major medical product, the Imprint plans, are available for groups of 10-50 lives. They utilize the GWN/Cigna network and can be paired with The Contractors Plan’s retirement and specialty benefit (group term life, vision, disability and dental) packages. The new offerings include traditional style major
medical plans, value plans, and high deductible plans, which can be paired with HSA’s or HRA’s. The Imprint small group offering from The Contractors Plan is available in 20 states including AL, AZ, AR, GA, IL, IN, KS, MI, MO, MS, NC, NM, NV, OH, PA, SC, TN, TX,UT and VA. For ease of administration, The Contractors Plan allows both employers and employees to conveniently access and manage their benefits entirely online using the MyContractorsPlan.com portal.
“One of the many unique features of The Contractors Plan is our ability to take multiple products, such as our small group major medical program and retirement plan(s), and administer them on an hourly basis. We call this “hour banking” and it also enables employees to bank hours during peak work periods, then use their excess hours to maintain coverage during slow periods,” said Paul Gaudet, director of group benefits, government markets, at Fringe Benefit Group.
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 medical benefit programs). For more information, log on to www.fringebenefitgroup.com or www.thecontractorsplan.com.