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Davis bacon Fringe Benefit Statement Form: What You Should Know

Optional cost is defined as cost above the state maximum for aĀ  program or plan. It may also include all other allowable costs associated with the program or plan, not includingĀ  employee contributions towards cost-of-living adjustments. Optional cost is required to meet the minimum contribution requirement forĀ  Federal, State and local public pension plans. The optional cost may not exceed an amount equal to the cost ofĀ  providing the benefits. If Optional cost is not included in Optional cost, the contractor is expected toĀ  pay at least the state minimum. For example, if the total employee benefit program contribution to a Texas public employee benefit plan for eachĀ  person covered by the plan is 50,000, and the cost is 10,000, the contractor is required to pay at leastĀ  5,000. In addition, the contractor is required to pay the minimum employee contribution. If theĀ  beneficiaries elect to be covered by the plan, the contractor is required to report the beneficiary's cost, or the portionĀ  of the maximum contribution cost that the employer pays. Under Federal law or regulations, the contractor must also: 1) provide written notice to the beneficiary of a payment not accepted by theĀ  beneficiary, and if payment has been accepted in full or in part, provide justification in writing for payment in full orĀ  in part. 2) provide a copy of the payment acceptance to each beneficiary notifying them of the payment. 3) include in the payroll of each beneficiary a statement of the cost, orĀ  the part of the maximum contribution cost that the employer pays, and pay the difference. The balance of the payment is to be paidĀ  by the beneficiary. 4) report the following on the beneficiary's federal income tax return. The amount paid over and above either theĀ  required to be cost or Optional cost as above the state maximum. (The report must be submitted to: OMB: BAA-2-SA-0016 (C-0)) and, as aĀ  matter of course, in any return of income. 5) Failure of either party to comply with these requirements may be grounds for termination.

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