Employee Benefits Standards in Government Contracting Act of 1988

Employee Benefits Standards in Government Contracting Act of 1988 - Requires that certain contracts between the United States and private contractors and subcontractors require the contractor to provide certain pension and health benefits to its employees.

Declares that Federal contracts or subcontracts are covered by this Act if they are in excess of $25,000 and involve employment in connection with: (1) construction, alteration, or repair (including painting or decorating) of Federal public buildings or Federal public works within the United States; or (2) the manufacture or furnishing of materials, supplies, articles, or equipment.

Prohibits any contract or subcontract subject to this Act from being awarded on the basis of a bid that contains specifications concerning uncompensated overtime.

Requires Federal agencies to provide a cost-savings impact statement (along with the specifics of the award) demonstrating that the services performed under the contract or subcontract could not have been performed at least as effectively and economically by the Federal Government, whenever such Federal agency awards a contract or subcontract which: (1) is required to meet the pension plan and group health plan requiremens of this Act; (2) exceeds $500,000; and (3) is for services or is on other than a firm, fixed-price basis. Requires such statement to include: (1) a comparison of the amount of the contract with the projected cost of performance of the covered services by the Federal Government; (2) the expertise and experience of the private employer and its employees; and (3) the extent to which the activities under the contract are solely commercial.

Requires the advertised specifications for any contract covered by this Act to include the requirements of this Act and to prohibit any bid from including uncompensated overtime specifications.

Sets forth pension plan requirements for contracts covered by this Act. Requires such pension plans to meet: (1) specified requirements under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986; (2) requirements that all employees covered by this Act participate in such plan; and (3) certain minimum benefit requirements for defined benefit plans or defined contribution plans, without taking into account Social Security and similar contributions and benefits. Treats certain governmental, church, and other pension plans as meeting such requirements.

Sets forth group health plan requirements for contracts covered by this Act. Requires such health plans to meet: (1) specified requirements under ERISA; (2) requirements that all employees covered by this Act participate in such plan (and that their spouses and children be covered by such plan); and (3) certain minimum benefit requirements. Treats certain governmental, church, and other group health plans as meeting such requirements.

Directs the Secretary of Labor (the Secretary) to prescribe regulations to carry out this Act within one year after its enactment. Requires that such regulations provide for: (1) coordination where an employer has two or more plans; and (2) principles for treatment of leased employees similar to those under the Internal Revenue Code of 1986.

Directs the Secretary to provide for penalties for failure by employers to comply with contractual provisions required by this Act, including: (1) publication of the employer's name; (2) debarment from future Government contracts, or extensions or modifications of existing contracts, until the employer has established and carried out policies to provide for such compliance. Provides for equitable relief from such violations under ERISA.

Directs the Secretary to establish, and serve as chairperson of, a waiver review board. Directs such board to use criteria developed jointly by its constituent agency heads in deciding whether to grant a waiver from the requirements of this Act to any Federal agency applying for one.

Directs the Secretary to conduct an annual review of a random number of audits conducted by agencies that award contracts under this Act.