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Understanding Prevailing Wage Fringes

Date: Tuesday, August 8, 2023 at 10:00am

With Prevailing Wage work picking up everywhere, one monetary advantage you may have over the competition is how your company addresses the fringe requirement of the Prevailing Wage rate.

This webinar is hosted and presented by Advantage Resource.

Archived Webinars

Federally Mandated Sick Leave
This webinar discusses Executive Order 13706 Federally Mandated Sick Leave, along with practical ways to implement a sick time policy in congruence with a company's benefit program. The webinar covers annual sick time accumulation and carry forward requirements, explains Executive Order and COVID Sick Leave differences, and discusses coverage requirements when subject to the Service Contract Act, Davis Bacon Act, or the Fair Labor Standards Act.
Electronic Distribution of 401k Required Disclosures & Notices
New federal regulations have been approved regarding the electronic distribution of required participant notices and disclosures. If properly executed, this will reduce greatly the administrative workload in any office. We will review the old requirements, explain the new requirements, and provide a short description of each required notice.
The Service Contract Act: Cost & Compliance (Part I)
This comprehensive three part educational webinar discusses Service Contract Act (SCA) obligations and fringe options in detail.
Part I provides an overview of the series and the Service Contract Act in general, with an emphasis on maintaining compliance and reducing real cost in a way that minimizes administrative workload.
Topics discussed include often unknown Service Contract requirements and options, efficient and most cost effective use of the Health & Welfare (H&W) Fringe, and options and requirements of the Paid Time Off (Holiday and Vacation) fringe.
The Service Contract Act: Cost & Compliance (Part II) The ACA
This comprehensive three part educational webinar discusses Service Contract Act (SCA) obligations and fringe options in detail. Part II specifically addresses the Affordable Care Act (ACA) and its effect on Service Contract Act employers. Topics include:
a) Implementation of an employee insurance program, using the H&W Fringe to pay premiums.
b) A system for efficiently and easily determining eligibility requirements for variable hour (part time and temporary) employees.
c) How to simplify mandatory notice and ACA reporting requirements.
d) An easy method to determine COBRA eligibility.
The Service Contract Act: Cost & Compliance (Part III) Tools & Resources
This comprehensive three part educational webinar discusses Service Contract Act (SCA) obligations and fringe options in detail. Part III is a demonstration of program tools and resources. Topics discussed include creation of a written program, remote employee communication, new company employees based on SCA contract inheritance, consideration for non-SCA jobs and employees, and the upcoming (2017) Federal sick time requirement.
Prevailing Wage 401k Plan Design
A properly constructed Prevailing Wage 401k Plan is not merely a 401k with the Prevailing Wage box checked. Employers many times do not realize the decisions and options that are theirs to make, just as many 401k persons are not aware of rules that are Prevailing Wage specific. The timeliness of deposits, compensation definitions, in service distributions, and the severe penalty that may result when annualizing contributions all make a difference. This webinar discusses the three reasons any employer has for implementing a 401k and their impact on the set-up of the plan. It also provides a step-by-step specific review of the questions to ask and a list of the items that make a difference.
Understanding Prevailing Wage Fringes: Cost & Compliance
This webinar covers Prevailing Wage obligation and options in detail. Topics discussed include common PW assumptions that aren't true, how to be confident your company is in absolute compliance, and how to apply every cent of every bona fide fringe (including holiday and vacation pay) towards the PW fringe rate.
Weighted Average Overtime
Sometimes called “Blended Average Overtime”, this Federal Requirement is often overlooked or unknown until audit time. In summary, when an employee works at more than one straight time rate in any week (often seen when working Prevailing Wage), federal law states overtime is to be paid at a blended rate, not necessarily one and one-half times any specific hourly rate. Topics include identifying when overtime pay is required, differences and discrepancies between state and federal law, and how to properly calculate the weighted average rate.
Introduction to, a service owned by Advantage Resource and available to its customers, provides an inclusive, easy to use, and secure platform for the storage and transmission of data between a company and its employees. Included is the ability for an employee to fill in and execute documents (such as time cards, an I-9, or an insurance application) and securely transmit it directly to the company. WorkerServices also provides access to documentation necessary for compliance (OSHA, SDSs, Insurance, 401k, etc.) in one easy to access location.

Of Note

Our Capability Statement

Articles written:

"Using a Company Hourly Fringe Program as a Recruiting and Retention Tool"

"Understanding Prevailing Wage Fringes"

"Weighted Average Overtime"

"A Couple of Really Good Prevailing Wage Questions (PW Fringe and Employees; 401k Restatement)"