The Final Rule requires contractors to seek approval of unfunded plans (including vacation and holiday plans) before claiming credit for the anticipated costs of the plan toward prevailing wage obligations.
The DOL’s final rule reorganized and modified instructions for the proper crediting of contributions to apprenticeship programs and changes the ratio and wage requirements for reciprocally approved programs in different jurisdictions. The new plan will allow for fringe contributions to be used for training and apprentice programs.
To better accommodate my client’s needs and ease the burden of compliance under the new rules, I have significantly expanded my fringe offerings to include fringe contributions for PTO, sick and holiday pay, safety and apprentice training, medical, dental, vision, short- and long-term disability, retirement, and cash balance plans. All fringes are in one trust which means for those responsible for large plan audits, only one welfare benefit plan audit is needed. The plan is very versatile and can be customized according to your needs.
