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 [...]
Can you give me an example of how Hour Banks work?
With a 130 Hour Bank, an employee is required to work 130 hours per month in order to fully fund [...]
How do Hour Banks work?
Simply defined, an Hour Bank is an over-charge of monthly benefits premiums. By creating a surplus reserve of premium payments, [...]
What is an Hour Bank?
Hour banks are a means of converting an employer's fixed monthly costs for fringe benefits into an hourly cost.
What is HIPAA and will the ERISA Trust insure compliance?
The Health Insurance Portability and Accountability Act (HIPAA) provides rights and protections for participants and beneficiaries participating in group health [...]