How to Calculate Annualization

How to Calculate Annualization

As stated in the U.S. Department of Labor Prevailing Wage Resource book, “Annualization is a computational method used to determine the hourly rate of benefit plan contributions that are creditable towards a contractors’ prevailing wage fringe benefit obligation on covered projects.”

Case Study – An Easy Win-Win for Employer and Employees

Case Study – An Easy Win-Win for Employer and Employees

In New York, the prevailing wage and fringe benefit rate must be paid on all public work hours. Contractors may satisfy the fringe benefit portion of the prevailing wage by either paying the prevailing benefit rate as additional cash wages, or by providing bona fide benefits that at least equal the rate.

Top 10 Criteria for choosing a prevailing wage benefit plan provider

Top 10 Criteria for choosing a prevailing wage benefit plan provider

Construction companies that work on public works projects covered by the Davis-Bacon Act or state prevailing wage laws are required to follow very specific rules related to bona fide fringe benefits. Choosing the right benefit plan provider / consultant takes careful...