Basics of Prevailing Wage and the Davis-Bacon Act
Provider: Mason Contractors Association of America
Discipline: Ethics & Business Practices
Contractors who work on publicly funded projects must deal with many regulations, especially involving how they compensate employees. Some states even have their own regulations. Understanding which laws apply to which projects–and where to seek advice–is enough to frustrate the most savvy construction business owner. The Davis-Bacon Act is one of the most important laws open-shop contractors must follow. This law requires all contractors and subcontractors performing work on federally-funded construction contracts to pay their laborers and mechanics no less than the prevailing wage rates and fringe benefits for corresponding classes of laborers and mechanics employed on similar projects in the area. Even companies that do a small percentage of projects covered by prevailing wage laws can realize significant savings by using fringe dollars in the way the law intended.
John G. Allen, CRPS, is the Midwest Regional V.P. for Fringe Benefit Group a firm specializing in Davis-Bacon and prevailing wage benefit programs. Mr. Allen has over 20 years’ experience in the employee benefits industry holds 2 professional designations, Certified Financial Planner (CFP) and Chartered Retirement Plan Specialist (CRPS), from The College For Financial Planning. In his current role, Mr. Allen consults with contractors that perform both government work and private work advising them on prevailing wage and Davis-Bacon regulations, compliance issues and administration of “bona-fide” fringe benefits. Fringe Benefit Group administers The Contractors Plan which is endorsed by construction industry trade associations and helps non-union contractors reduce labor costs, save money, win bids and stay compliant on all government work.
For more information please visit www.masoncontractors.org or contact Mason Contractors Association of America at 800-536-2225.
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