AUSTIN, Texas & SACRAMENTO, Calif.--(BUSINESS WIRE)--The Associated General Contractors of California (AGC of CA) and its Affinity Partner Fringe Benefit Group today announced that the AGC of CA has selected Fringe Benefit Group’s product, The Contractors Plan, as a health insurance solution to offer to AGC of CA members.
For more than 30 years, The Contractors Plan has helped companies bidding and performing on work subject to the Davis-Bacon Act, state prevailing wage laws, and living and responsible wage ordinances realize dramatic savings on their payroll expenses by allocating some or the entire required fringe benefit portion of the prevailing wage to bona fide benefit plans. This leads to savings in taxes and insurance costs, which leads to lower bids, increased profits and improved prospects for winning government projects. Through The Contractors Plan, Fringe Benefit Group offers major medical, dental, vision, life insurance and retirement plans designed specifically for government contractors. Fringe Benefit Group is highly skilled at understanding, recommending and implementing Affordable Care Act (ACA)-compliant health plans.
The AGC of CA selected The Contractors Plan because of the numerous benefits and services it provides for contractors and their employees. Some of the unique aspects of The Contractors Plan’s complete solution include an online portal that provides easy access to benefits information and simplifies benefits administration and management; a robust lineup of carriers including Kaiser, UnitedHealthcare, HealthNet, Metlife, Ameritas and Transamerica; interactive educational resources; and key services such as compliance support and eligibility/enrollment tracking.
The Contractors Plan also utilizes an innovative concept called hour banking, which allows employees to “bank” extra hours worked during peak periods, then draw from this excess to continue health insurance coverage during slower times. This can be especially valuable with the ACA requirement for all individuals to have health insurance -- and obtaining it pre-tax through an employer is much easier and less expensive than purchasing it on an individual basis. Another key benefit of hour banking is its ability to break the monthly premium into an hourly rate, which makes tracking and accounting much easier for the employer.
“Our goal is to help contractors be more competitive in the marketplace. This partnership is a win-win for the AGC of CA and their contractor members because it allows them to offer compliant, robust health insurance solutions to their employees while enabling them to bid more effectively. Fringe Benefit Group applauds AGC of CA’s proactive efforts to help its members help their employees,” said K.C. Cannon, regional vice president of Fringe Benefit Group.
“The AGC of CA selected The Contractors Plan to offer to our members because they have a proven track record of helping contractors. They fully understand our marketplace and their entire offering was designed with the special nuances of government contractors in mind,” said Thomas Holsman, CEO for AGC of CA. “We believe The Contractors Plan can help our members be more competitive while helping employers and their employees secure health coverage and be compliant with ACA mandates.”
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 voluntary benefit plans designed specifically for hourly and part-time workers. For more information about Fringe Benefit Group’s products, visit www.fbg.com, www.thecontractorsplan.com and www.frameworkbenefits.com.
About AGC of CA
Founded in 1920, The Associated General Contractors of California proudly continues to be an organization of responsible construction firms and industry-related companies dedicated to skill and integrity in improving our physical environment. The mission of the Associated General Contractors of California is to be the recognized leader in providing business opportunities, education, training, resources, and advocacy for its members while advancing sound public policy for the construction industry. Visit www.agc-ca.org for more information.