Opportunities Abound Now That Infrastructure Bill Becomes Law

Opportunities Abound Now That Infrastructure Bill Becomes Law

On November 5, the House of Representatives voted and passed the long awaited bipartisan $1.2 trillion public works bill and 10 days later, on November 15, President Biden signed it into law. Massive infusions of spending on roads, bridges, public transit systems,...
Public Contractors’ Biggest Threat: Annualization! – How to Calculate Annualization and Make it Work for You!

Public Contractors’ Biggest Threat: Annualization! – How to Calculate Annualization and Make it Work for You!

If you are a Public Works contractor and offer a bona fide prevailing wage plan, you are likely familiar with the concept of annualization. The U.S. Department of Labor prevailing wage resource book refers to annualization as: “The computational method that is used to calculate the hourly rate of benefit plan contributions that are creditable to a contractor’s prevailing wage fringe benefit obligation on covered projects.”

Public Contractors’ Biggest Threat: Annualization! – How to Calculate Annualization and Make it Work for You!

Maximizing Savings in a Prevailing Wage Trust Plan

By paying prevailing wage fringe benefit dollars into a bona fide benefit plan, those dollars are not subjected to labor burden costs, such as FICA, unemployment taxes, workers compensation and general liability premiums.