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Fringe Bank (Hour Bank) Benefits
Administration
Aurora Administrative Solutions, Ltd. has developed a customized program to
facilitate recordkeeping for fringe bank and hour bank plans. In these
plans, the employer provides a fixed amount of dollars per hour worked to
employees. This creates the employees' "fringe bank." From the
fringe bank, payments are made for health, dental, vision, or other insurance
benefits. Aurora can provide full recordkeeping for these plans, including
receipt of hours worked reports, posting of fringe bank deposits, charging
of individual employee accounts for benefits purchased, and reporting to
the employer of benefits active in the plan. In some plans, the excess
fringe bank amounts are forwarded to a pension plan arrangement. We can
also communicate this information to your pension plan
administrator/trustee and monitor appropriate deposit activity.
Participants received quarterly statements of fringe bank activity and
employers receive monthly reports.
We can assist employers with plan design, participant communication, and
provide full recordkeeping services for the most complicated of fringe bank
arrangements, including those with participant "reserve"
accounts.
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