Prevailing Wage Best Practices
If you answered “NO” to any of the following questions, contact us to learn how we can help reduce your labor costs, while ensuring that you are in compliance with the applicable state or federal prevailing wage laws. (Read our article in Construction Executive on Davis-Bacon Compliance).
Did you know the fringe supplement…
- can pay for your employees health, dental, vision insurance premiums?
- may pay for your employees vacation, holiday and sick pay?*
- can reduce your workers compensation premiums on Section 125 and 401(k) deductions?*
- may reduce or eliminate your 401(k) plan match or profit sharing contribution?
- generally is not subject to overtime rates?
* Where applicable
Prevailing Wage Benefit Plans are…
- plans which may complement your existing benefit programs.
- plans that will match the designated fringe benefit rate for every trade for all of your projects.
- plans that can be funded hourly and on actual hours worked, so your certified payroll requirements may be more easily administered.
- plans that will help lower your labor burden (FICA, FUTA, SUTA, Workers Compensation, and General Liability premiums).
- plans which will be in compliance with federal and state prevailing wage law requirements and the Affordable Care Act, a.k.a. ObamaCare.