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. The President has also called on Congress to pass the Healthy Families Act, which would require private-sector employers with more than 15 employees to extend paid sick leave benefits.
Many states have similar paid-time off programs which seem to be expanding each year.
Any discussion about government mandated benefits would be lacking without mention of the colossal giant – The Patient Protection and Affordable Care Act of 2010 (ACA).
Health insurance under the ACA and paid-time off programs mandated by federal, state or local governments are all considered bona fide benefits and can be paid for with prevailing wage fringe benefit contributions unless exempted by state prevailing wage laws.
If you have additional questions please do not hesitate to contact us or download our whitepapers – “Harnessing the Power of Supplemental Unemployment Benefit Plans” and “Working the Fringe.”
Please also view our short animated video, to see how constructing a bona fide fringe benefit plan, can move prevailing wage dollars out of payroll and reduce associated costs. Increase profits. Submit more competitive bids. Build employee loyalty.
How we can help
DirectAdvisors, established in 2001 and located in Albany, New York provides bona fide benefit plan consulting and third party administrative services to merit shop (non-union) construction companies that are subject to the Davis-Bacon Act, Service Contract Act and state prevailing wage regulations. Our clients are located throughout the United States and range in size from 10 to 3000 employees.
In 2015, our construction company clients will contribute tens of millions of dollars of prevailing wage fringe benefit contributions to The DirectAdvisors Trust (health & welfare benefits) and retirement plans managed by our team.
Our solutions are free from any conflict of interest as we do not sell any financial or insurance products. We work with existing agents, brokers and insurance companies.