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
My entire 27-year career has been centered on helping merit shop construction companies design and administer employee benefit plans compliant with prevailing wage regulations and I am still astounded when I hear that a contactor chooses to pay required fringe benefit contributions as cash wages rather than benefits because “that is what employees want”.
Once Upon A Time, a long, long time ago, a Northern California labor union and its participating employers established a “Pension Fund” to provide retirement benefits to union members and their beneficiaries. The Pension Fund was an employee benefit plan subject to ERISA.
When contractors choose to pay the fringe benefit requirement as additional cash wages they are increasing their cost for payroll tax, workers compensation premiums and possibly liability insurance premiums. These additional payroll related burdens have an enormous effect on bottom line profits.