Financials for Fund benefits: the easy way

MagnaCare believes contribution accounting is the strong foundation that every aspect of benefits management is built upon. From calculating and executing payroll deductions to directing those funds to the right places, we ensure that all aspects are accurately recorded, managed and administered.

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Enjoy complete financial oversight, at a glance

Messy financial data is the last thing you need — and unnecessary. Our Create® Technology platform lets you access all financial data around your benefits, 24/7, from one place. What does this mean in action? You can quickly collect contributions, view member records, and communicate directly with participants.

Managing Labor Funds is complex, but MagnaCare started doing this more than 30 years ago. They know every aspect of it and they handle every detail of Fund admin. For us it’s about the peace of mind MagnaCare gives us.

— Union leader

Flexible management for accurate financials

Every Fund or Trust has its own unique set of challenges and strengths – because its members are unique, too. That’s why you can count on us to administer your Trust Fund and employer contributions with transparency, accuracy, and flexibility. We keep your Plan Documents, Trust Agreements, Summary Plan Descriptions, and other crucial documents up-to-date and readily available for Trustee review. Plus we meticulously reconcile bank statements, manage account transfers, and oversee investments. Because we know it’s not just about today’s financial decisions, but about securing a stable tomorrow.

Managing contributions

We oversee the collection of contributions, ensuring they are accounted for accurately, and reconciling them to maintain the financial integrity of the plan.

Eligibility evaluation

We help determine whether an individual or group meets the specific criteria to participate in a benefit program. We verify factors such as employment status, hours, and other plan-specific requirements.

COBRA administration

We handle every aspect of administering COBRA benefits, including sending notices, managing enrollment, handling premium payments, and ensuring that coverage is offered in accordance with federal regulations.

Tracking Hours

We’ll track, report, and audit member hours to ensure credit for benefit eligibility and to maintain compliance with federal regulations, like the Affordable Care Act (ACA).

Fund Transfer Tracking

We manage fund transfers between employers, insurance carriers, health care providers, and beneficiaries. This includes apprenticeship programs, reciprocal trusts, vacation and savings funds.