Davis-Bacon Fringe Benefit Trust
Non-union construction companies often feel that they are at a disadvantage in bidding for government contracts that require compliance with the Davis-Bacon Act and related federal and state prevailing wage laws.
Sound familiar? We work with companies who have 10 to 3,000 employees, in every corner of the country, who face that challenge. By offering design and administration for bona fide fringe benefit plans, we help reduce payroll-related costs like FICA, workers compensation and liability insurance.
The Benefit Trust
DirectAdvisors sponsors and administers The DirectAdvisors Trust, which is specially designed to serve construction companies engaged in public works.
We do not sell insurance or financial products. We work with your desired or existing benefit providers to maximize savings, ensure compliance with laws and contract terms and offer your employees tailored, valuable benefits, which may include:
- Medical, dental, vision, life and disability insurance
- Health savings accounts (HSA)
- Vacation and holiday pay (paid time off)
- Safety and apprentice training reimbursement
- Supplemental unemployment benefits
- Retirement plans
- Benefit funding during layoffs
Your company makes fringe benefit contributions to the Trust. We credit each of your employees’ individual accounts accordingly. Both you and your employees have access to our online portal and to regular statements to stay informed about contribution, payment and account status.
Our Trust Earns Your Trust
Our team stands behind our work. We promise you clear communication, easy access to real-time results and you-first responsiveness. Most importantly, we ensure the protection of your hard-earned dollars.
DirectAdvisors offers you the safety and security of:
- An independent trustee. The Chemung Canal Trust Company is a $1.5 billion financial services holding company and commercial bank.
- Bonding against employee dishonesty and ERISA fiduciary dishonesty.
- Professional liability insurance for plan administration and investment advisory.
- Government oversight of bona fide benefit plans (by the U.S. Department of Labor) and the trustee (by the NYS Department of Financial Services and federal banking regulators).
- Continuous training for all members of our trust services team, as well as the review of all work products and the documentation of all procedures and operations.