Fulfilling the Fringe Benefit Components of ARRA Bid Requirements

There's billions of dollars allocated for construction projects in the American Recovery and Reinvestment Act that have yet to be let. This should not be news to you by now. But what might not be readily apparent for those new to this type of work is that contractors that bid on government-funded projects are subject to prevailing wage provisions that are often based on a union scale. Some contractors choose to pay the fringe benefit portion of the prevailing wage as additional cash wages as one way to comply with the law. But, allocating the fringe amount to a bona fide benefit plan results in savings for both the employer and employees because a portion of these monies are not subject to payroll taxes and workers compensation insurance. On top of this, it's low-bid gets the job project award system. So your business needs to be able to bid more effectively and comply with government regulations. One group that has been assisting contractors compete in the government marketplace for years is the Fringe Benefit Group (FBG). So the Construction Business Podcast is bringing on Adam Bonsky, executive vice president of government markets for FBG to talk about what contractors need to know in order to be eligible for the billions in ARRA funds. Guest: Adam Bonsky Contact: [email protected] Links: www.fringebenefitgroup.com, www.thecontractorsplan.com