Offering bona fide fringe benefit plans, as a solution for government contractors, can provide ideal flexibility and cost-savings. However, many government contractors may be intimidated by the administrative burden and the laws and regulations that apply. Boon’s entire business is to craft solutions for government contractors, and serve as a consistent resource for fringe benefits expertise. We’re in your corner, as fringe benefit experts!
The Boon Approach
At Boon, we look at health and welfare benefits as the ultimate solution for the government contractor. We design our products with the unique needs of the government contractor in mind — starting with our “3 Cs” approach to benefits — a cornerstone not just to our success, but the success of our clients.
Watch our video to learn more about our “3 Cs” solution. Click here.
The “3 Cs” are compliance, competitiveness, and cost-savings. For 35+ years, Boon has shown our clients the financial tax advantages that occur when the fringe dollars are applied towards bona fide fringe benefit plans instead of payments of cash. Additionally, each of our benefit offerings come with additional administrative support to assist with ongoing compliance. When we refer to Boon as your “link to benefits,” we’re calling upon years of experience in creating flexible solutions and guiding contractors to the benefit that is right for them.
What We Do Best, as the Fringe Benefit Experts
The administration and ongoing compliance of benefit plans are often the most intimidating factors that a contractor considers when deciding to offer bona fide fringe benefits. Contractors may have the option to handle administration themselves, but do they have the necessary expertise and resources to accurately account for the fringe on an individual employee basis? That’s where we come in.
Boon’s robust in-house services are a cornerstone of our reputation as an industry innovator. Some of the services that come with our expertise and capabilities include:
- Audit trail accounting
- Hour bank administration
- Paid leave accounting
- Consolidated billing and reconciliation
- Allocation of premium
- Trust accounting and financials
- COBRA administration services
- Comprehensive enrollment services
- Eligibility determination
- Collection of fringe contributions
As the fringe benefit experts, our job is to be thorough. Offering a full line of administrative services, delivered with compliance guidance, and top-notch customer service. That’s what we do.
The Current Market
The landscape for government contractors is constantly changing. It’s not enough that contractors must account for the McNamara-O’Hara Service Contact Act (SCA), Davis-Bacon Act (DBA), the Affordable Care Act, and state and local prevailing wage laws. The contractor’s day-to-day compliance concerns are exacerbated by the current COVID-19 pandemic and evolving needs and trends that must be accounted for. A solution requires flexibility and no one understands that better than Boon.
As fringe benefit experts, Boon adapts and innovates with the shifting market. A prime example is our hour bank solution. While not a new solution, it is appropriate at this time, since its primary purpose is to accommodate a fluctuation in the hours worked by each employee.
At the end of the day, Boon understands the needs of each contractor. This understanding, when combined with our industrial knowledge and customizable solutions, perfectly positions Boon to assist the individual contractor in developing a path forward.
In many ways, you could think of consultation as the Fourth “C.” As fringe benefit experts, Boon has the experience and resources to guide government contractors through unique challenges and the expertise to provide a successful solution.
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