The Boon Group® - Employee Benefit Specialists.

"Average Cost" Accounting

Fringe dollars can be pooled for all employees working on contracts. Compliance can be determined based on the "average cost" of benefits.

Individual Cost Accounting

For contracts requiring individual cost accounting, the fringe dollar amount will be allocated on an individual basis into the applicable benefit plan(s) for each contract to determine if the fringe obligation is being met for each employee.

Hour Bank Accounting

An Hour Bank Account is established for each employee. Any excess fringe dollars are held in trust and then allocated to each employee's hour bank that can be used to purchase benefits.

Sick Leave Accounting

A Sick Leave Fund is established when a company wants to pre-fund paid sick leave accounts and take credit for the sick leave against the designated fringe rate.

Allocation to Multiple Benefit Plans

Fringe benefit dollars can be allocated to multiple “bona fide” benefit plans. Contractors will receive detailed reports showing each of the allocations.

Outsourcing Benefits Administration

•  Track and account for fringe benefit contributions on an individual or average cost basis.
•  Prepare detailed reports for audit trail accounting and Department of Labor compliance.
•  Collect fringe contributions to serve as a single pay point and sends payments to all benefit providers.
•  Transmit monthly eligibility data to plan providers.
•  Maintain employees' fringe benefit account balance including hour bank and sick leave accounts.
•  Issue Summary Plan Descriptions and Plan Documents for self-funded plans.