Our objective is to remove the fringe portion of the prevailing wage from payroll and place it into meaningful employee benefits.
We lower job costs and give employees security and continuity of pay.
All plans are funded solely from the fringe portion of prevailing wage jobs.
All plans enjoy favorable opinion status from the IRS and US DOL
Our “bona fide” options can be implemented separately or in combination.
Our “Accounting Integration” service makes sure the cost savings we project are always realized.
Contractors Prevailing Wage
Insurance Services
1620 Alpine Blvd.Suite #208 Alpine, California 91901
800-935-0041
619-445-3472 fax E-mail Us
Contractors Prevailing Wage Insurance Services
Contractors Prevailing Wage Insurance Services, dba for Sedberry-Tobin Insurance Services, Inc., was founded in 1995 in San Diego. CPWIS specializes in working exclusively with licensed contractors and their employees. We have discovered a vacuum of experience amongst insurance professionals who, for the most part, have no understanding of the specialized needs of prevailing wage contractors. Very few of the financial advisors serving contractors understand the range of issues related to prevailing wage payroll and proper utilization of the fringe portion of prevailing wage.
PUBLIC WORKS CONTRACTING
A contractor doing public works contracting is required to pay a defined prevailing wage. Any given prevailing wage is broken down into two distinct components: the base rate and a fringe benefit portion. Most contractors are aware they have the option of paying the fringe benefit portion in cash or paying the money to a bona fide Trust, which in turn will use the money to provide fringe benefits.
We find many contractors are not aware how much it is costing them to pay the fringe portion of the prevailing wage in cash (on the paycheck). In a highly competitive market, bidding jobs at the lowest possible cost is critical. The cost savings available by paying the fringe portion to a bona fide Trust can make a crucial difference in a contractors’ bidding process. A $100,000 annual savings is not unusual!
At the same time, employees would rather have this fringe portion paid to them directly on their paycheck. CPWIS is very aware of the need to provide assistance helping contractors with the issues of employee morale in this very sensitive area in order for contractors to take advantage of these significant cost savings.
OPTIONAL “BONA-FIDE” BENEFIT PLANS
To assist you in removing the prevailing wage fringe from payroll we have a menu of stand-alone “bona-fide” options. These can be implemented separately or in combination, in accordance with the needs of your company. The three options are: a “money now” plan, called a Supplemental Unemployment Benefit plan, a “money later” plan in the form of a pension and contractor health & welfare trusts for medical/dental/vision & life insurance plans.
PRINCIPALS
The founder and CEO of Contractors Prevailing Wage Insurance Services is John W. Sedberry. Mr. Sedberrys’ experience ranges from establishing numerous self-insurance plans and retirement plans to the installation of first time health insurance plans for smaller companies.
Kimberley Tobin, COO of CPWIS, has over 10 years experience working with contractors as director of financial operations. In her capacity as director, Kimberley was intimately involved with all aspects of contractor accounting and responsible for all prevailing wage reporting requirements.
Combining their respective backgrounds, John Sedberry and Kimberley Tobin offer a most unique team of expertise for serving the needs of contractors not commonly found among employee benefits professionals. Johns’ extensive insurance background and Kimberleys’ knowledge of payroll and job costing issues, make them a most valuable addition to any general contractors’ staff.
