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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”.
Reduce Your Labor/Payroll Burden in 2018
When contractors choose to pay the fringe benefit requirement as additional cash wages they are increasing their cost for payroll tax, workers compensation premiums and possibly liability insurance premiums. These additional payroll related burdens have an enormous effect on bottom line profits.
Fringe Benefit Group/Contractors Plan named in Excessive Fee Litigation
The Austin, Texas based Fringe Benefit Group (also known as The Contractors Plan), a pension and welfare benefit plan administrator has been named in a class action suit for charging “sky-high” and “grossly excessive” direct and indirect fees for their administrative services.
Top 5 Supplemental Unemployment Benefits Questions & Answers
We field many calls each week about Supplemental Unemployment Benefit (SUB) Plans. The following five are the most common.
Self-Insured Health Plans as “Bona Fide Fringe Benefit Plan” under Davis Bacon and State Prevailing Wage Laws
Self-insured, or self-funded health plans, are popular with employers that have a large, diverse workforce.
Prevailing Wage Plan: Employee Success Story
My last blog entry featured the success story of one of our heavy highway construction company clients. This time I want to focus on the success of one of our client’s employees.
Prevailing Wage Plan Case Study: Over $1.3 Million in Annual Savings with Direct Advisors Trust
This case study is based on a well-respected multi-generational merit shop company with a long standing dedicated workforce.
Why Use a Trust for Bona Fide Fringe Benefits?
All fringe benefit plans fall into two categories, “funded” or “unfunded”. The best type is funded, obviously. Otherwise I wouldn’t be writing this post.
Pay for Training With Prevailing Wage Fringes
Virtually any type of job related training, including apprentice training and safety training are considered bona fide benefits and therefore can be used to help meet the fringe benefit obligation of the Davis-Bacon Act or state prevailing wage laws.
Trump Administration and Public Works Projects
Donald Trump has made the rebuilding of our national infrastructure a day one priority. That could translate to unprecedented bidding opportunities for construction companies across the country.
Our Latest Whitepaper: Harnessing the Power of Supplemental Unemployment Benefit Plans
Supplemental Unemployment Benefit Plans (SUB) can be extremely beneficial for you and your employees.
Executive Order 13706: Paid Sick Leave for Employees of Federal Contractors
We would like to highlight some questions and answers we have received lately that we believe have broad relevance to our clients and prospects.
Dipping Your Toe in the Water
We continually talk with construction companies about the advantages of shifting prevailing wage fringe benefits out of payroll and into bona fide benefit programs like the DirectAdvisors Trust. Although this often makes tremendous financial sense for construction companies and their employees, the transition can be difficult when employees are accustomed to having that money paid as wages.
Prevailing Wage Audits: What’s Your Strategy?
As we dive head first into summer, the construction season is well underway.
Bona Fide Fringe Benefits: Tough Choices
I spend a substantial amount of my time each week talking with prospective new construction company clients about fringe benefit plans.
Would your employees like to receive double unemployment benefits and fully paid uninterrupted medical insurance during the seasonal layoff?
As we enter into February most of us are growing tired of the long dark nights and the cold weather. Most of our clients, at least the ones that work outside, will remain shut-down for the next two months.
Annualization Issues Threaten Some Supplemental Unemployment Benefit Plans
Many merit shop contractors throughout the United States fund supplemental unemployment benefit (SUB) plans to satisfy the fringe benefit obligation of the Davis-Bacon Act.
Utilize Prevailing Fringe Benefit Contributions to Satisfy Government Mandates
Federal and state governments often require employers to provide certain benefits to employees. President Obama signed his latest executive order on Labor Day, which extends the number of paid sick days mandated for federal contractors.
