Davis-Bacon Act of 1931
Federal act the offers wage protection to non-government workers by requiring companies engaged in
federal contruction projects to pay their employees prevailing wages and fringe benefits.
Defined Benefit Plan
A pension plan that pays out a predetermined amount to beneficiaries. It is based on a set of rules that
normally combine years of employment and wages based over the time period.
Defined Contribution Plan
A qualified retirement plan under which the employer is liable for a payment into the plan of a specific size,
but not for the size of the resulting payments from the plan to participants.
Direct Deposit
Bypassing a paycheck, the earnings are deposited directly from the company bank account into that of the employee.
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