Prevailing Wage Benefit Plan Strategies for New York State Utility Contractors and Subcontractors
New York State Governor Kathy Hochul signed the Roadway Excavation Quality Assurance Act, codified as NYS Labor Law section 224-F, on August 16, 2023 and it became effective September 15, 2023. This new law expands prevailing wage and fringe benefit requirements as...
Reinstating Prevailing Wage Law in Michigan: Impact on Non-Union Construction Companies
Michigan has been at the center of debates surrounding prevailing wage laws in recent years, particularly in the construction industry. Prevailing wage laws require contractors working on public projects to pay their workers a wage determined by the state to be the...
Davis-Bacon Act Changes: Administrative Expenses
The Davis-Bacon Act (DBA) has long been a cornerstone of labor law in the United States, ensuring workers on federally funded construction projects receive fair wages and benefits. On August 8, 2023, the U.S. Department of Labor (DOL) published a final rule, Updating...
Davis-Bacon Act Changes: Annualization of Fringe Benefits and Exemptions
The Davis-Bacon Act (DBA) has long been a cornerstone of labor law in the United States, ensuring workers on federally funded construction projects receive fair wages and benefits. On August 8, 2023, the U.S. Department of Labor (DOL) published a final rule, Updating...
Davis-Bacon Act Changes: Unfunded Plans and Their Impact on Construction Companies
The Davis-Bacon Act (DBA) has long been a cornerstone of labor law in the United States, ensuring workers on federally-funded construction projects receive fair wages and benefits. On August 8, 2023, the U.S. Department of Labor (DOL) published a final rule, Updating...
Strategies for Prevailing Wage Audits
This time of year has your team busy in the field, your office staff fully engaged, and the administrative wheels are rolling. The last person anyone wants to see on a job site or at the office is an investigator from the state or federal labor department, however,...
What Contractors Can Do About Inflation Effects of the $1 Trillion Infrastructure Law
Inflation and supply chain disruptions will impact the new infrastructure law as the continued increases of fuel and material costs, as well as wages, will raise the overall cost of construction and likely affect the type and quantity of projects to be completed. As a...
Construction Industry Trends Point to Aging Labor Force
Labor shortages and an aging work force, on top of project delays due to an increasing time lag in the supply chain, will continue to affect construction projects, making for extended challenges for the year ahead. According to the Bureau of Labor Statistics, the...
What the Infrastructure Law and Build Back Better Bill Will Mean for the Construction Industry
It has certainly been an interesting year for the United States in so many ways. Washington, D.C. has pushed more money into our economy than we could have imagined. The various stimulus packages as part of COVID-19 relief, combined with pent up demand for all sorts...
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,...
Compliance Concerns: The Price for Entry to Bid on Infrastructure Act Projects
On August 10, 2021 the United States Senate voted to approve a $1 trillion infrastructure bill to rebuild the nation’s roads, bridges, public transit systems, airports, power and water systems, and other projects. Assuming passage by the House is forthcoming, the bill...
Updated New York Prevailing Wage Rate Schedule
This is a reminder for contractors performing public work in New York that the updated prevailing wage and supplement rates have been published and are effective starting July 1, 2021. These updated rates must be followed regardless of the rates that were in...
The DirectAdvisors Trust
The experts at DirectAdvisors can help you design and coordinate a custom bona fide benefit plan solution that is right for your company, and that integrates with your existing benefit plans, insurance carriers, and brokers. Your plan can be designed in a way that relieves much of the burden and expense of government mandates.
DirectAdvisors – Nyhart Video Podcast: Cash Balance Plans
DirectAdvisors was pleased to welcome two guests to our latest installment of our video podcast series. Mike Kiley (Consultant and Relationship Manager) and Karl Willman (Principal/Director of Midwest Small Defined Benefit Operations) of Nyhart joined Stacy Gregory, plan advisor from DirectAdvisors, in a discussion on Cash Balance Plans. Utilizing prevailing wage dollars in a Cash Balance Pension Plan offers various benefits for both employers and their employees. From tax benefits to employee retention, our panelists discussed how this type of plan works, and the advantages of implementing it alongside a defined contribution plan.
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.”
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.
4 FAQ’s on the New Prevailing Wage Amendment
We have been receiving several questions on how to comply with the amended prevailing wage bill that is now law. There are questions that still need to be clarified, however the purpose of the amendment is to have employers provide additional transparency of fringe supplements when workers are on public works jobs. Most of the questions we get relate to: “What do I have to provide to my employees?”
DirectAdvisors Podcast #4 – Annualization: What an Employee Should Know
Annualization — If a contractor is doing public work and uses any of the fringe supplements to pay bona fide benefits to their employees, you need to know how to utilize these fringe supplements in a compliant way.
Top 10 Things Construction Companies Can Do to Be More Competitive
Construction executives are fabulous at what they do best—construction. However, they know their limitations and need a great team around them. Here are the top 10 things your company can do to retain the top-notch team you already have, be more competitive, and ultimately win more bids:
DirectAdvisors Podcast #3 – New York State Construction Concerns: a Conversation with Brian Sampson, President of ABC Empire Chapter
We are excited to announce our latest podcast by Tom Santa Barbara, president of DirectAdvisors, entitled “New York State Construction Concerns”. In this podcast, Tom interviews Brian Sampson, President of the Empire Chapter of the Associated Builders and Contractors (ABC). Brian discusses some of his thoughts on the latest developments in the industry and the state of New York, especially the many challenges being faced amid the COVID-19 pandemic.
