ABC and Fringe Benefit Group Announce Expansion of The Contractors Plan to Include ACA-Compliant Benefits Solution for Construction Contractors
Issued by: Fringe Benefit Group
Date: Friday, October 2, 2015
AUSTIN, Texas, October 1, 2015 — Associated Builders and Contractors (ABC) and Fringe Benefit Group today announced the expansion of The Contractors Plan, a benefits platform designed specifically for construction contractors, to include a full suite of benefits including ACA-compliant major medical, dental, vision, life, disability, retirement and HRA plans – all managed through a single online platform.
Fringe Benefit Group is ABC’s national strategic partner for ethics and compliance. Since 2009, over 500 ABC members have adopted The Contractors Plan, Fringe Benefit Group’s prevailing wage benefit plan, to assist them with their Davis-Bacon, prevailing wage compliance and retirement plan needs. As the first company to specialize in benefit plans for prevailing wage workers, Fringe Benefit Group is highly skilled at understanding, recommending and implementing retirement and health plan options, including Affordable Care Act (ACA)-compliant health plans.
ABC members can now manage all their benefit plans via The Contractor Plan’s easy-to-use online benefits portal. The benefits solution is flexible, so contractors can choose the full suite of benefits or the individual products that make the most sense for their company’s unique needs.
The Contractors Plan is available to all ABC contractor members regardless of the type of work they perform, with features and benefits that support the entire spectrum of employee benefits. Sold and serviced through a national network of local brokers and agents including ABC Merit Choice and many other ABC broker members, The Contractors Plan is comprised of products and services that are designed to support the unique needs of contractors of all sizes.
“The challenge with many private exchanges and benefit platforms is that they’re generally geared towards large companies and not designed to support the unique and predominantly hourly nature of a construction company’s workforce. That’s where we come in,” said Adam Bonsky, executive vice president of Fringe Benefit Group. “The Contractors Plan has met the employee benefit needs of contractors for over 30 years and is now helping companies of all sizes with their benefits administration. Our unique solutions are designed to support the needs of contractors and include an online enrollment portal, hour banking, prevailing wage project compliance and a one of a kind retirement loan program.”
The Contractors Plan offers a multi-state, multi carrier option with a proven track record of managing cost and risk. Its hour banking program offers a unique advantage for hourly employees to retain coverage under their health benefit plan between jobs or during layoffs. Hour banking enables business owners to easily calculate how their benefits cost per man-hour, which means bids are more accurate.
“We’ve teamed up with Fringe Benefit Group to broaden the scope of our product offering because we see the value they provide to our members,” said Michael Bellaman, president and CEO of ABC. “ABC members can now access one single platform for all of their employee benefit needs, while at the same time being confident that they are compliant with government legislation.”
About ABC
Associated Builders and Contractors (ABC) is a national construction industry trade association representing nearly 21,000 chapter members. Founded on the merit shop philosophy, ABC and its 70 chapters help members develop people, win work and deliver that work safely, ethically, profitably and for the betterment of the communities in which ABC and its members work. Visit us at www.abc.org.
About Fringe Benefit Group
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 administering health, welfare and retirement plans for contractors. Drawing on its expertise in the prevailing wage segment, the company also has emerged as a leader in group benefit plans designed specifically for hourly and part-time workers. For more information, visit www.thecontractorsplan.com or theamericanworker.com.
