Our “bona fide” options can be implemented separately or in combination.
Our “Accounting Integration” service makes sure the cost savings we project are always realized.
Contractors Prevailing Wage
Insurance Services
1620 Alpine Blvd. Suite #208 Alpine, California 91901
800-935-0041
619-445-3472 fax E-mail Us
ERISA Trusts exist for a variety of reasons. They are basically Trusts that are governed by the Department of Labor in accordance with provisions of the Employee Retirement Income Security Act of 1976 (ERISA).
In the context of prevailing wage Trusts, they are Trusts audited and regulated by the Department of Labor for purposes of carrying out the provisions of the Davis Bacon Act and its several amendments, as well as those of the Service Contract Act.
The term “bona fide” appears quite often in the Davis Bacon Act, with respect to fringe benefits. In order for benefits to be considered “bona fide”, they must be under the operation of a third party who is beyond the control of the employer and subject to the scrutiny of the Department of Labor. Third party administrators, have under their jurisdiction ERISA qualified Trusts that are approved and audited, at least annually, by the Department of Labor. These Trusts are created to serve the needs of contractors, relative to the requirement to provide “bona fide” fringe benefits, under the Davis Bacon Act and the Service Contract Act.
