Funded vs. Unfunded Prevailing Wage Bona Fide Benefit Plans

Funded vs. Unfunded Prevailing Wage Bona Fide Benefit Plans

All fringe benefit plans fall into two categories, “funded” (29 C.F.R. §§ 5.26-5.27) or “unfunded” (29 C.F.R. § 5.28). Funded plans are those where the contractor’s fringe benefit contributions are made irrevocably (funds cannot revert back to the contractor for any...

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What Qualifies as a Bona Fide Fringe Benefit

What Qualifies as a Bona Fide Fringe Benefit

What is a Bona Fide Fringe Benefit Merriam-Webster defines bona fide as: Made in good faith without fraud or deceit; Made with earnest intent: sincere  Neither specious or counterfeit: genuine.           The Davis Bacon Act (DBA) prevailing wage rate is made up of two...

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Employee Retention via Core Values

Employee Retention via Core Values

I am sometimes shocked when I look at the differences across our construction company clients.  Not so much by the different types of work that they do, but more so in their approach to business and even more specifically in their approach to their team. We have...

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Table of Experts-Prevailing Wage

Table of Experts-Prevailing Wage

The Albany Business Review hosted three experts to discuss how prevailing wage impacts the construction industry, labor unions, wages and the economy. Table of Experts-Albany Business ReviewDownload

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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.”

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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.

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Prevailing Wage Expansion in New York

Prevailing Wage Expansion in New York

The New York State legislature is poised to pass a comprehensive revision of the prevailing wage law, extending prevailing wage requirements to a far wider scope of work than ever before. An interesting article covering this can be found in the Albany Times Union here.

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Prevailing Wage Plan: Employee Success Story #2

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!

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Creative Plan Design Can Eliminate Annualization Requirements

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”.

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