Labor Trust Services/Welfare & Pension
Administration Services Inc.
& Contractors
Labor Trust Services/Welfare & Pension
Administration Services Inc.
& Contractors
rguably the most important factor for the success of a business is a good employee. As an employer, you understand that in today’s economic environment the benefits package you offer can help attract and retain the best workers. These benefits also impact your financial success because the cost of benefits increases over time and is likely one of your largest financial expenditures.
AGC contractors who employ union workers purchase benefits through tax exempt trust funds with tremendous purchasing power. The purpose of this article is to encourage you to use your benefit plan administrator to help you understand and avoid common mistakes employers make when participating in union benefit trust funds.
These lower costs not only save out of pocket costs for your employees but also help drive down plan expenditures that are funded by employer contributions. Aside from a cost perspective, with today’s uncertain times, most health trusts are “self-insured” and able to quickly adopt federal mandates and provide benefits they know will create direct value for covered employees in Alaska. Some benefit trusts allow employees to travel to perform seasonal work while keeping their same benefits package, whether in Alaska or elsewhere. While this is beneficial to the employee, it can be confusing for employers. Make sure to call the trust office if you have questions from or about traveling employees. Please also check with your trust office to hear more about possible COVID-19-related benefit extensions.