Utilizing a hybrid approach to bona fide benefits to manage annualization concerns
Annualization is the one most commonly misunderstood concepts in the Davis-Bacon Act and state prevailing wage laws. However, knowledge about how annualization works, and how it affects a contractors’ financial obligations for benefit plans, is critical for all businesses engaged in public works.
short work week supplemental unemployment benefits
Short-week supplemental unemployment benefits ARE TAXABLE under FICA unless they meet certain IRS requirements
Success Story: How to Provide $29.00 per hour in Fringe Benefits
Background: Type of Contractor: Electrical Construction # of Employees: Approximately 30 Our featured company is an electrical contractor who works predominately on projects covered by the Davis-Bacon Act. No employee benefits have been offered to the employees and...
Prevailing Wage Plan: Employee Success Story #2
At DirectAdvisors our idea of success includes our clients as well as their employees. This success story focuses on one of our client’s employees. Our mantra has always been win-win! Our strategies and services only work when both the construction company AND their employees win. We are proud to provide this great example of an employee winning!
Cash is Not King with Benefits
My entire 27-year career has been centered on helping merit shop construction companies design and administer employee benefit plans compliant with prevailing wage regulations and I am still astounded when I hear that a contactor chooses to pay required fringe benefit contributions as cash wages rather than benefits because “that is what employees want”.