Top-Rated Funds Added To Fringe Benefit Group’s Retirement Program, The Contractors Plan
November 1, 2017
AUSTIN, Texas–(BUSINESS WIRE)–Fringe Benefit Group, Inc., an industry leader in the design, implementation and administration of benefit plans for hourly workers, today announced the expansion of the retirement plan investment options available to The Contractors Plan customers. In addition to Vanguard, the target-date fund investment options now include American Funds, BlackRock, Inc., and T. Rowe Price. The inclusion of these additional top-rated target date funds provides more investment choices to The Contractors Plan participants as they prepare for retirement.
Offering retirement and health plan products from the nation’s leading carriers, Fringe Benefit Group is known for its full-service suite of tools and services that greatly reduce the administrative burden for contractor employers. The Contractors Plan is Fringe Benefit Group’s prevailing wage benefit program, which helps government contractors bid more effectively on public projects while complying with government regulations.
Numerous studies have shown that Americans are at risk for having inadequate retirement savings. The Employee Benefit Research Institute (EBRI)’s 2017 Retirement Confidence Survey found that only 18% of workers felt very confident they will be able to afford a comfortable retirement. Companies performing prevailing wage work, such as jobs subject to the Davis-Bacon Act and Service Contract Act, state prevailing wage laws, and living and responsible wage ordinances, are able to help their workers save for retirement by using the fringe portion of the prevailing wage as it was intended, to provide bona fide benefits such as retirement plans.
“We are continually looking to evaluate, evolve, and expand the products and services offered by The Contractors Plan. We know the value we can provide by helping employees save towards their retirement, and the addition of these highly rated and strong performing investments to the portfolio has been very well received by our customers,” said Jenny Pagano, vice president of Retirement Products and Services at Fringe Benefit Group.
Pentegra Trust Company, the discretionary trustee for The Contractors Plan Master Trust, provides ERISA Section 403(a) investment fiduciary services for the plans that participate in the Master Trust, including selection and monitoring of the investment funds made available to The Contractors Plan retirement plan participants.
Working with a Third-Party Administrator (TPA) experienced in prevailing wage administration not only benefits prevailing wage workers, but can also help employers identify opportunities to increase the amounts that owners, key employees, and non-prevailing wage workers can contribute to their retirement accounts.
About Fringe Benefit Group
Fringe Benefit Group has designed and administered programs that simplify the benefits process for employers with hourly workers since 1983. Through its nationwide network of more than 600 independent brokers and agents, Fringe Benefit Group offers products from the industry’s leading carriers and is recognized for its full-service suite of tools and services designed specifically for employers with hourly and part-time workers. For more information, visit www.fbg.com, www.thecontractorsplan.com or www.theamericanworker.com.