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
Products for Prevailing Wage Contractor
Available through Contractors Prevailing Wage Insurance Services are the MDVLI products of six different Contractor ERISA Trusts.
Which Trust plan we utilize for any given situation depends upon the criteria we discover in our contractor interviews. Some of the Trusts are localized in their jurisdiction and therefore the geographical location of the contractor is important. Other Trusts are geared almost exclusively for those contractors doing 100% prevailing wage activity. And, again, some contractors have employees located in several states and therefore the Trust must be able to follow these employees.
Some contractors require and/or need multiple plan selection to accommodate the needs of their employees. All of these factors, and more, are taken into account by us when we recommend the utilization of a particular Trust.
Each of the Trusts we represent pays the same percentage of compensation to us for our services. Therefore, our selection of a given Trust is never motivated in terms of our compensation.
Pension
There are a variety of pension options for us to choose from and, again, is determined through our discovery process by quantifying the needs of your company.
For a contractor who has been reluctant to put in a retirement plan for himself because of the employee participation requirements, a prevailing wage pension Trust can be most beneficial. A contractor/employer who contributes fringe money to a qualified pension plan is able to use fringe contributions as “employer” contributions when determining how much can be put away for the owner.
Supplemental Unemployment Benefit (SUB)
The SUB Plan is the most attractive and well tolerated plan by the employee field force of all the plans we put in place for a prevailing wage contractor. There is no question that employees prefer the fringe portion of the prevailing wage to be paid to them in cash wages. The problem with paying the fringe in cash wages is 1) your union counterpart does not and 2) merit shop contractors who are cost conscious do not pay the fringe portion of the prevailing wage on the paycheck. If you are going to be competitive with these other contractors, YOU can’t pay the fringe benefit portion of the prevailing wage on the paycheck.
The SUB Plan will move fringe dollars off payroll and in a fairly short time frame get them into the hands of your employees. In essence, it becomes a monthly cash benefit rather than a weekly cash wage. The beauty of this plan is that it gets money off payroll for the employer and still gets money into the hands of your employees.
This plan complies with all DOL and IRS regulations and is regarded as a “bona-fide” prevailing wage fringe benefit. To learn more about how this plan works, contact our agents at Contractors Prevailing Wage Insurance Services, and we would be happy to go into more detail regarding this unique plan benefit.
