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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 a program or plan. It may also include all other allowable costs associated with the program or plan, not including employee contributions towards cost-of-living adjustments. Optional cost is required to meet the minimum contribution requirement for Federal, State and local public pension plans. The optional cost may not exceed an amount equal to the cost of providing the benefits. If Optional cost is not included in Optional cost, the contractor is expected to pay at least the state minimum. For example, if the total employee benefit program contribution to a Texas public employee benefit plan for each person covered by the plan is 50,000, and the cost is 10,000, the contractor is required to pay at least 5,000. In addition, the contractor is required to pay the minimum employee contribution. If the beneficiaries elect to be covered by the plan, the contractor is required to report the beneficiary's cost, or the portion 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 the beneficiary, and if payment has been accepted in full or in part, provide justification in writing for payment in full or 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, or the part of the maximum contribution cost that the employer pays, and pay the difference. The balance of the payment is to be paid by the beneficiary. 4) report the following on the beneficiary's federal income tax return. The amount paid over and above either the 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 a 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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