The Financial Accounting Standards Bureau (FASB) has issued their new standards that will provide more transparency for multi-employer pension fund disclosure. FASB states that the disclosures will help users of financial statements to assess the potential future cash flow implications relating to an employer's participation in those plans. The disclosures are aimed at revealing the financial health of multi-employer plans that employers are participating in.
Proposed DOL Rule Would Hinder Employers
The U.S. Dept. of Labor proposed rules that would force employers to disclose detailed information about any lawyer, association or consultant that helps the employer communicate with workers about union issues. This rule would be primarily directed toward employers with an unorganized workforce that may be facing a union election. The Labor-Management Reporting and Disclosure Act (LMRDA) exempts from disclosure advice that an employer may receive from an outside consultant about communicating with employees about union issues.
DOL, IRS, 11 States Enter Agreement on Misclassification
The DOL and IRS signed an agreement with 11 states to coordinate efforts to combat employee misclassification. Massachusetts and Connecticut are the only New England states participating in the agreement. The memorandum of understanding will allow all agencies to share information and coordinate law enforcement efforts to combat practices of incorrectly classifying workers as independent contractors to avoid payroll taxes and workers' compensation expenses.
MCAA Fights 3% Government Withholding Tax
MCAA continues to press members of Congress for the final repeal of the mandatory 3% withholding tax on government contracts. MCAA is pushing another 1 year delay of implementation and also lobbying for HR 674 that would permanently repeal the measure. HR 674 has over 240 co-sponsors. A similar repeal bills sits before the Senate as well.
Government to Contractors: "Look at Carbon Footprint"
Industry analysts are advising contractors bidding on federal projects to put forth plans to reduce greenhouse gas footprints. Federal agencies must now implement Executive Order 13514 that requires them to cut energy and water use, reduce waste and pollution and otherwise be environmentally beneficial. Contractors bidding on government projects should be able to demonstrate how they have accounted for energy consumption and greenhouse gas emissions.
President's Job Act May Have Construction Opportunities
President Obama's "American Jobs Act" is said to have opportunities for contractors in energy efficiency projects, school construction and transportation facilities upgrades and construction. Also enclosed in the bill is a tax credit for employers hiring veterans transitioning from active duty.
OSHA Reform to Target Outdated Regulations
Eliminating outdated construction industry standards is part of the President's regulatory reform efforts at OSHA. Standards Improvement Project (SIP) IV will focus on removing or revising construction industry standards that are outdated, duplicative, unnecessary or inconsistent. The DOL / OSHA claims that the first three SIPs have saved employers $63.7 million per year.
NLRB Ruling on Employee Rights
The National Labor Relations Board (NLRB) published the final rule requiring all employers to post a notice informing employees of their rights to unionize. The notice must be posted in the workplace and on an internet site. Copies of the notice can be downloaded from the NLRB website.
Social Media: "Is it worth it?"
Social media has shown the benefits of instant and widespread connectivity with the masses. What you never hear is that it is the most time consuming marketing channel available. Platforms like Facebook and Twitter require a high level of commitment and once you grow your base of followers, the level of commitment increases. If your company has followers in the thousands, expect to spend roughly one hour per day on social media initiatives. If you are committed to marketing through social media you must stay on top of your social media pages daily. If you are not willing to monitor your Facebook page multiple times per day, do not make the commitment.
Trends Show Construction Fatalities Down in US
The AGC of America released an analysis showing construction fatalities declining by almost 10% between 2009 and 2010. AGC officials point to an industry wide commitment to safety as the key factor. An AGC spokesmen states "The construction industry has moved to improve workplace safety in the past two decades. Safety planning is now an essential part of all preconstruction plans. Construction workers also undergo rigorous and ongoing classroom and on-site safety training".
Local Colleges, Universities See Gains in Downturn
Babson College recently surpassed its $200 million capital campaign goal with two anonymous bequests totaling $57 million. The Babson Rising campaign has raised more than $204 million. Harvard University stated that the school's investments increased 21% in the past year. Their endowment increased $4.4 billion to $32 billion as of June 30th. Surrounding this news was an announcement that Harvard would resume construction of their $1 billion Allston project.
