Reduce Reputational Risk and Liability
We specialize in providing fiduciary oversight, advice, and guidance for your retirement plan and its investment offerings through our fiduciary risk management services.
An often unaddressed area of risk exposure for an organization is its retirement plan. Protect your firm’s reputational risk and fiduciary liability by partnering with a co-fiduciary who is an expert in retirement plan governance, oversight, and management.
CEFEX Fiduciary Certificate of Completion
The Centre for Fiduciary Excellence (CEFEX) has awarded DirectAdvisors a CEFEX Fiduciary Certificate of Completion. This prestigious certification is only given to companies that adhere to a standard representing best practices in the industry.
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.”
All Merit shop construction companies working on projects covered by the Davis-Bacon Act or state prevailing wage laws have to make decisions on how to satisfy the fringe benefit portion of the prevailing wage law.
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.