Fringe Benefit Trust
Davis-Bacon Fringe Benefit Trust
DirectAdvisors sponsors and administers The DirectAdvisors Trust, which is specially designed to help construction companies engaged in public works.
We custom design each client’s plan to maximize savings, ensure compliance, and provide flexible tailored benefits to your employees. We do not sell insurance or financial products, and we work with your existing insurance coverages and brokers. Benefit offerings can 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 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 services.
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.
Latest From Our Blog
4 FAQ’s on the New Prevailing Wage Amendment
We have been receiving several questions on how to comply with the amended prevailing wage bill that is now law. There are questions that still need to be clarified, however the purpose of the amendment is to have employers provide additional transparency of fringe supplements when workers are on public works jobs. Most of the questions we get relate to: “What do I have to provide to my employees?”
DirectAdvisors Podcast #4 – Annualization: What an Employee Should Know
Annualization — If a contractor is doing public work and uses any of the fringe supplements to pay bona fide benefits to their employees, you need to know how to utilize these fringe supplements in a compliant way.
Retirement Plan Podcast Series #9 – What’s in an Adoption Agreement?
The adoption agreement is your guidebook on the features associated with your retirement plan, and is something you and your administrative team should be very familiar with. It is critical that you follow the rules in your adoption agreement to help ensure the Plan stays compliant.
