What is BSi Companies?
We are an experienced fringe benefit administrator. We have the technology and expertise to deliver specialized program features that other TPA’s cannot. Years of experience combined with high tech innovation allow us to deliver unparalleled results and cost savings to our clients. Our systems and services are engineered to meet your unique requirements.
Partnership . Technology . Communication . Flexibility . Resourcefulness
Efficiency . Innovation . Customer Service . Transparency
Why BSi Companies?
We are experts in federal and state prevailing wage, SCA, DB, ATSA, Taft-Hartley.
- Our entire team is trained in the unique requirements of fringe benefit administration and compliance.
- We do business in all 50 states providing service to over 40 government contract employers.
- We designed our own web application (BSINow) engineered specifically for the needs of prevailing wage contractors.
- Our easy to use custom web portal
- We are an independent organization not exclusive to any major carrier.
- We have Relationships with national Unions working in the prevailing wage field.
- We are a customer service focused administrator
- Our office provides full accounting and audit support.
What are some BSi Capabilities?
Prevailing Wage Trust Administration: Specifically designed for government contractors and Taft-Hartley
- Hour Banking Administration: Customizable hour banking system for employers
- Major Medical Hourly Based Premiums: BSI has the ability to calculate premiums based on the number of hours worked instead of a monthly cost. Hourly based premiums allow the employer to use the average number of hours worked instead of the lowest number of hours required by the ACA law – currently 120 per month
- Major Medical and Supplemental Benefits: Brokerage services, full fringe benefit plan design, implementation, service, enrollment, marketing, employee meetings, 5500 filings, bill reconciliation, audit support, COBRA administration, renewal support, ACA fringe compliance, and more
- Retirement Plan Sponsor Prevailing MEP: Includes fiduciary risk outsourcing, prevailing wage compliant plans, full fund line-up, customer service, withdrawal and hardship request support, enrollment, health and welfare fund allocation, and more
- Multiple Carrier Bill Reconciliation: A payroll report is used to reconcile carrier bills. Funds are allocated to the elected benefits with the remaining amount designated to their retirement fund.
- Web Access: Employees are able to log in to see where their funds have been applied on a real time basis.
Information about our Third Party Administration Services
- Reporting: Reporting can be customized to an employer’s specific requirements. Or, the employer may select various stock reports from our database.
- Prevailing Wage Audit Support: BSI tracks all hours worked as well as all health and welfare funds that have been received and allocated.
- BSI DOL Support: Our team assists employers with DOL inquiries by providing requested documentation and answers to any questions that the DOL may have.
- Custom Enrollment Web Application: BSI uses employees’ average hours to set up a bank that reduces as the employee selects benefits and show the real time payroll estimated deduction amount.
- Compliance Updates: The BSI team stays up to date on DOL wage and hour laws, regulations and compliance related issues for the employer.
- Employee Documentation Support: Our team is happy to provide employees with documentation they request on health and welfare fund allocation.
What’s special about a government contractor from a benefit perspective?
- In general government contractors have hourly requirements for payment of wages and fringe benefits – not monthly.
- This hourly funding requirement for benefits is called a fringe rate, or health and welfare.
- Fringe rates are adjusted each year; the current fringe is $4.48. This can vary based on the contract and potential collective bargaining agreement’s term.
- Benefits are required to be tracked on an hourly basis, by employee.
- Complications can arise from trying to fit the hourly requirement into a traditionally priced monthly benefit plan, especially as hours can vary.
What must a contractor do to satisfy the fringe benefit obligation?
- Fringe benefits should be provided separate from, and in addition to, specified wages
- The employer may discharge the fringe requirement by furnishing equivalent benefits or cash in lieu of benefits
- Wages paid in excess of the WD (Wage Determination) minimum wage requirement cannot offset fringe requirement
- Benefits must be “bona fide”
- The fringe allocation must be tracked and accounted for by employee by hour and month compliance
- The employer, not the employee, has the right to choose how fringe dollars are allocated
- If used properly, the fringe can be used to satisfy the employer ACA requirements burden
Bona Fide Fringe Benefit
Fringe benefits that meet the requirements of the SCA defined in 29 CFR Part 4 Sec. 171.
Are SCA covered employees treated differently under the Affordable Care Act?
The answer is “no.” However, planning to correctly capture and allocate fringe dollars to meet the ACA employer mandate requirements is different for non-exempt (SCA covered) than for exempt employees. Employees are not entitled to fringe benefits. Careful consideration should be taken to follow ACA laws in a traditional manner. Non-Exempt or SCA employees receive an hourly fringe benefit. How a contractor allocates the health and welfare fringe rate will determine compliance with the ACA.