Can I control my own plan and still have it be “bona fide”?
It depends. To know for certain, you should seek competent legal advice.
Does “bona fide” really matter that much?
Yes! Failure to provide "bona fide" benefits can result in compliance issues with a variety of Federal and State Agencies.
How do I know if my plan is “bona fide”
If your benefits plan does not meet the requirements per the Davis-Bacon and Related Acts, then there is a possibility [...]
What does “bona fide” mean?
A key to reducing fraud and safeguarding employees, the term “bona fide” appears quite often in the Davis Bacon [...]
What does an “exemption from the Annualization rule” mean?
It allows a prevailing wage contractor to make contributions only when the employee is working on prevailing wage projects and [...]
Do all benefits have to be Annualized?
No. If the plan has received an “exemption” from annualization, such as a defined contribution plan, the contributions do not [...]
Why are benefits Annualized
An annualized cost creates fairness in allocating expense between public and private work, as an equal expense is created on [...]
How are benefits Annualized?
An example of public money not subsidizing private benefits is with health insurance, a benefit that has a fixed cost. [...]
What is Annualization?
At the federal level and in many states, California included, annualization means public money shall not be used to subsidize [...]
Can I use an Hour Bank for my company?
While any prevailing wage contractor can realize the benefits of an Hour Bank, they are particularly useful for employers who [...]