(1) To fulfill the obligation to pay the standard prevailing rate of wages under 18-2-403, a contractor or subcontractor may:
(a) pay the amount of fringe benefits and the basic hourly rate of pay that is part
of the standard prevailing rate of wages directly to the worker or employee in cash;
(b) make an irrevocable contribution to a trustee or a third person pursuant to a
fringe benefit fund, plan, or program that meets the requirements of the Employee
Retirement Income Security Act of 1974 or that is a bona fide program approved by
the U.S. department of labor; or
(c) make payments using any combination of methods set forth in subsections (1)(a)
and (1)(b) so that the aggregate of payments and contributions is not less than the
standard prevailing rate of wages, including fringe benefits and travel allowances,
applicable to the district for the particular type of work being performed.
(2) The fringe benefit fund, plan, or program described in subsection (1)(b) must
provide benefits to workers or employees for health care, pensions on retirement or
death, life insurance, disability and sickness insurance, or bona fide programs that
meet the requirements of the Employee Retirement Income Security Act of 1974 or that
are approved by the U.S. department of labor.
(3) A private contractor or subcontractor shall file a copy of the fringe benefit
fund, plan, or program described in subsection (2) with the department.
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