About Us
Our clients are government contractors subject to mandated fringe dollar contributions for each eligible hour worked by covered employees, typically under the McNamara-O’Hara Service Contract Act (SCA) and Davis-Bacon Act.
As a directed trustee, Independent Fiduciary Services LLC’s (IFS) role is to make payments on behalf of the Trust, which is the funding vehicle for the health and welfare plan. IFS has limited authority or discretion on trust or plan assets and relies on the direction of the employer plan sponsor as the plan administrator. However, IFS has the responsibility to carry out any direction if it is consistent to the terms of the plan and not contrary to Employee Retirement Income Security Act (ERISA).
Our Independence
IFS is not affiliated with any recordkeepers, financial institutions or brokers. Our role is to offer independent trustee services solely in the interest of the plan participants and beneficiaries.
Our Services
- IFS is appointed directly by the employer-plan sponsor to serve as the directed trustee to a health and welfare trust.
- IFS makes all payments to approved service providers and reimburses claims of all bona fide benefits.
- IFS works with fringe benefit recordkeepers, third party administrators, brokers, consultants, insurers, claims administrators, legal advisors, auditors and accountants as an unconflicted independent third party to advance the purpose of the trust.
- IFS is not a licensed investment professional and will not be responsible in investing plan assets in any instruments other than bank checking and saving accounts.
Our Fees
- Unlike other directed trustees, IFS is paid on a monthly fixed fee basis and does not assess a per member per month fee. The monthly fee is based on the amount and frequency of services agreed to with the plan sponsor-employer and does not vary from period to period.
- IFS does not accept nor is compensated in cash or in kind, directly or indirectly, by any third party for the services to the Trust.
Transparency & Reporting
As the Trustee who is responsible for maintaining Trust assets, IFS establishes a Trust checking account to hold all contributions and Trust assets at one of the largest banks (by deposit) in the U.S. The plan sponsor and/or designated parties will be granted view-only access to the account.
On a quarterly basis, IFS generates a balance sheet for the Trust which details all known liabilities and assets of the Trust. Further, a detailed period transactional report of all contributions and payments is generated. These reports provide the details and information necessary for the plan sponsor-employer to monitor the services of IFS as well as the status of the Trust.
IFS is compensated by the employer or from trust assets and does not generate or receive compensation, direct or indirect, from any other party. IFS has no affiliation with any other company or organization.
What we do?
IFS works with recordkeepers, brokers, consultants, insurers, claims administrators, legal advisors, auditors and accountants as an unconflicted independent third party for the benefit of covered employees, beneficiaries and dependents.
IFS is compensated by the employer or from trust assets and does not generate or receive compensation, direct or indirect, from any other party. IFS has no affiliation with any other company or organization.
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