(a) Employers in the construction industry as classified as code 23 under the North American Industry Classification System that are signatories to a multi-employer collective bargaining agreement authorized pursuant to the National Labor Relations Act shall be in compliance with the provisions of this chapter if their collective bargaining agreement provides for:
(1) Employee paid sick and safe leave benefits that are compensated at the wage hourly rate only;
(2) Accumulation of sick and safe leave benefits on an hourly or weekly basis that meets the minimum accrual standards set forth in § 28-57-5; and
(3) Employer participation in a designated federal Employee Retirement Income Security Act benefit trust fund to administer the paid sick and safe leave benefits required under this chapter.
(b) Administration of all other benefits shall be governed by the multi-employer collective bargaining agreements and the designated Employee Retirement Income Security Act benefit trust funds referenced therein.