|
ATTENTION - Public Works Contractors
If your firm is doing government construction work, did you know that our Trust can:
· reduce taxes for public work supplements
· increase profitability
· make provable group benefit contributions under labor law requirements
· increase benefits to your best workers
Contractors Benefit Trust is an employee welfare benefit trust fund (e.g. a “VEBA” trust) organized under federal law. It is a mechanism to increase profitability and benefits for public work contractors. A major advantage of the Trust for public works contractors is that is gives them the ability to make provable group benefit contributions to meet prevailing supplement requirements under the labor laws. Each employer's contributions to the Trust are separately accounted and each employer receives a monthly report of contributions and administrative costs. Contributions are irrevocable and may be used solely for the express benefit of the employer’s employees. The Trust deposits all funds received into interest bearing FDIC-insured accounts.
The Trust does pay benefits to any employee; it makes benefit payments to employee benefit plans, funds or trusts of each participating employer in conformity with the policies of each employer.
As an ERISA Trust, it is governed by federal law and regulations. It is not subject to regulation by state labor departments and state labor departments have no authority to determine the acceptable use of deposited trust funds. State labor departments must grant credit for contributions to the Trust made on behalf of employees performing public work and such credit is applied against prevailing supplements due under State Labor Law.
The Trust is administered by a bonded and insured independent Third Party Administrator:
International Benefits Administrators, LLC.
and subjected to annual audits of the independent Certified Public Accounting firm:
Mendelsohn Kary Bell & Natoli, LLP,
1633 Broadway, New York, NY 10019
The Counsel for the Trust is:
Harvey Katz, Esq., Berlack, Israels & Liberman LLP
120 West 45th Street, New York, NY 10036
|
