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Real-Time Validation of Fringe Benefits and Check Amounts

Stop wasting time fixing mistakes and focus on what matters! eBacon’s Fringe Benefit Management offers real-time validation of fringe benefits and check amounts, ensuring accuracy and streamlining your payroll process.

Here’s how it works:

• Smooth Payroll Integration: Our system effortlessly integrates with your existing payroll and benefits data or opt for the added convenience of using eBacon’s own payroll process.
• Instantaneous Verification: As you process fringe benefits and generate checks, the system automatically verifies calculations and amounts in real-time.
• Error Detection and Prevention: Say goodbye to manual calculations and potential errors! Our system flags any discrepancies for immediate correction, including:
  • Incorrect calculations
  • Missing or invalid data
  • Compliance issues
  • Over or underpayments

Benefits:

• Pinpoint Accuracy: Minimize the risk of errors in fringe benefit calculations and check amounts.
• Financial Transparency: Real-time validation fosters trust and transparency for both employers and employees.
• Reduced Costs: Prevent costly errors that could lead to overpayments or payroll tax issues.

Easy Fringe Access with Controlled Cash Options

Managing prevailing wage fringe benefits can be complex, especially when employees request cash access. eBacon offers a user-friendly platform that simplifies fringe benefit access for both employers and employees, while providing controlled cash options to meet individual needs.

Benefits:

• Convenience for Employees:
  • Employees can easily access and manage their fringe benefits through a secure online platform, similar to a bank account.
  • They can view monthly statements, track investments (if applicable), and submit claims online.
  • Our dedicated support team is also available to answer any questions and assist with accessing funds.
• Controlled Cash Options:
  • Employees can choose to receive a portion of their fringe benefits in cash through our “auto-distribution” feature. This allows them to access these funds each pay period, while remaining compliant with prevailing wage regulations.
  • Alternatively, employees can choose to save their entire benefit allocation and access it later, similar to a traditional savings account.

Versatile Fringe Benefit Options with Flexible Enrollment

Here’s what we offer:

• Direct Deposit: Grant your employees faster and more convenient access to their funds.
• Pay Card Options: Provide a secure alternative to traditional bank accounts for employees who might prefer them.
• Investment Opportunities: Motivate employees to think about their financial future with:
  • 401(k) Plans (if administered by eBacon): Enable tax-advantaged retirement savings, potentially boosted by employer matching contributions.
  • Health Reimbursement Accounts (HRAs): Help employees manage medical expenses with tax-deductible contributions.
  • Dependent Care Accounts: Offer tax savings for dependent care costs, alleviating financial burdens for employees.

 

Additional Features:

• Flexible Enrollment: Employees can easily manage their benefits through a user-friendly online platform, choosing from options like:
  • Health Expense Account
  • Dependent Care Accounts (DCAs)
  • College Savings Accounts
  • Fringe 401(k) Investments
  • And more!
• Ongoing Support: We offer comprehensive training and ongoing support to ensure you and your employees get the most out of our system.

 

Benefits for Employers:

• Attract & Retain Top Talent: A comprehensive and flexible benefits package positions your company as a desirable employer, attracting high-caliber candidates seeking financial security and control over their benefits. This, in turn, reduces recruitment and training costs associated with employee turnover.
• Boost Productivity: By investing in employee well-being through financial security, you foster a more engaged and productive workforce.
• Ongoing Support: We provide in-depth training and continuous assistance to ensure you and your employees maximize the value of our system.

Tax-Advantaged Savings and Reduced Payroll Taxes

eBacon’s offers a unique solution that can significantly reduce your company’s tax burden while enhancing employee benefits. 

Dedicated Trust Account: We manage a secure trust account specifically designed to maximize tax advantages for your business.

How it Works:

• Employer Contributions: You contribute a portion of your employee benefits to this account.
• Tax-Deferred Growth: These contributions grow tax-deferred, meaning you don’t pay taxes on the earnings until the money is withdrawn. [Note: Growth applies only if the funds are invested]
• Reduced Payroll Taxes: Depending on the specific plan design, some contributions to this account may be exempt from certain payroll taxes, leading to immediate cost savings for your business.

 
Benefits:

• Tax Advantage: Gain the combined benefit of tax-deferred contributions and potential savings on payroll taxes.
• Lower Overall Tax Bill: Lower your company’s overall tax burden by keeping more money out of the W-2 system.
• Value-Driven Benefits: Offer a competitive benefits package that benefits both your employees and your bottom line.

Transparent Paystubs for Informed Employees

How It Works:

• Detailed Paystubs: We generate detailed paystubs that go beyond displaying just base salary and deductions.
• Fringe Benefit Breakdown: Each paystub clearly outlines all fringe benefit contributions made on the employee’s behalf by the employer (all employer contributions on the employee’s behalf based on their elections).
• Transparency: This breakdown includes details like specific benefit types, contribution amounts.

 

Benefits:

• Culture of Transparency: Fosters trust and open communication between employers and employees regarding compensation.
• Empowered Employees: Employees gain a clear understanding of the total value of their compensation package, including the employer’s contribution to their benefits. Our user-friendly platform allows employees to easily access statements, adjust contributions, and submit claims – minimizing your HR workload.
• Informed Financial Decisions: The detailed breakdown empowers employees to make informed financial decisions regarding their benefits and overall financial well-being.
• Reduced Payroll Inquiries: Clear and accurate information on paystubs minimizes employee confusion and reduces HR inquiries about fringe benefits – also our chat line and open calling support.

Expert Third-Party Administration and Efficient Deduction Processing

What We Do:

As your Third-Party Administrator (TPA), we handle various administrative duties associated with your bona fide fringe trusts, tailored to your specific plan design. This includes:

• Deduction Processing: We manage deductions through our system and credit them directly to pay the carrier, ensuring seamless transactions.
• Employee Enrollment and Eligibility: Our system facilitates and guides employees through the enrollment process.
• Detailed Reporting and Invoicing: We collect contributions for health insurance and other benefits and provide comprehensive reports and detailed invoicing. This allows you to review and reconcile contributions before we credit you (the employer) back, enabling you to pay carriers on your behalf.

 

Benefits:

• Reduced Administrative Load: Free up your HR team’s valuable time by offloading these tasks to our experienced professionals, allowing them to focus on high-impact initiatives.
• Improved Accuracy and Efficiency: Minimize errors and streamline processes with automation tools, leading to faster turnaround times and improved overall efficiency.
• Peace of Mind with Compliance: Our team stays up-to-date on complex regulations, ensuring your plan administration adheres to all prevailing wage and tax requirements.

Bona Fide Fringe Trusts: Designed for Your Business Needs

eBacon’s Bona Fide Fringe Trusts offer a powerful solution specifically designed for the needs of your prevailing wage workforce. Our IRS-compliant trust integrates seamlessly with your existing business practices, minimizing administrative burdens and maximizing value for both your company and your employees.

Key Features:

• Hassle-Free Administration: We handle the complexity of trust administration, freeing up your HR team to focus on strategic initiatives.
• Rich Benefits Package: Our trust offers a diverse selection of fringe benefits, catering to the varied needs of your employees.
• Prevailing Wage Compliant: Contribution amounts are automatically calculated based on the government-defined prevailing wage determination schedule, ensuring compliance.
• Employee Choice: Employees can select which specific benefits they want to utilize within the trust, fostering a sense of control and satisfaction.
• Clear Access Rules: Define clear and consistent rules for how employees can access their benefits, considering factors like eligibility, timing, and approved uses.

 

Benefits:

• Reduced Costs and Increased Control: Maintain control over contributions while offering employees valuable benefits that help maximize their tax savings or plan for their financial future.
• Boosted Employee Satisfaction: Empower your employees with choice and control over their benefits, leading to higher morale and retention.
• Simplified Compliance: Our trust adheres to all relevant regulations and tax requirements, providing peace of mind.

We’ll help you create a solution that delivers maximum value for your business and your employees.