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Army Veteran Owned | Expert Surety Bonds Since 2004
Have a question? +1 815-826-6324 (815-8-BondAI) phil@AmericasSuretyBonds.com
Army Veteran Owned | Expert Surety Bonds Since 2004
Signing a Letter of Assent with IBEW Local 1547 puts you on the hook for monthly fringe contributions, and the trust funds want that promise backed before your crews go out. A $50,000 surety bond satisfies the requirement for an annual premium, so you keep your cash for payroll and materials instead of posting it as security.
Every employer signatory to an IBEW-NECA construction agreement between Alaska Chapter NECA and IBEW Local 1547 must give the Alaska Electrical Trust Funds a $50,000 surety bond guaranteeing fringe benefit contributions. Employers signed only to the IBEW-NECA Tree Trimmer agreement post $20,000 instead. The original bond goes on file with the Trust Funds Administrative Office in Anchorage.
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The page title names IBEW Local 1547, but the bond itself is payable to the Board of Trustees of the Alaska Electrical Trust Funds. That board oversees the Alaska Electrical Health and Welfare Fund, the Alaska Electrical Pension Plan, the Alaska Electrical Workers Retirement Savings Plan and the Alaska Joint Electrical Apprenticeship Training Trust. Use the Trust Funds' own Fringe Benefit Bond template so the obligee wording is right the first time.
The Trust Funds set two figures. Employers signatory to an IBEW-NECA construction agreement post $50,000. Employers signatory to the IBEW-NECA Tree Trimmer agreement post $20,000. Your collective bargaining agreement controls the details, so check it if you are signed to more than one.
The bond covers fringe benefit contributions and other amounts owed under the Alaska Chapter NECA and IBEW Local 1547 agreements you join through a Letter of Assent. That reaches health and welfare, the defined benefit pension, the retirement savings plan, apprenticeship training and every other fund the agreement lists, including the National Electrical Benefit Fund, IBEW Local 1547 dues and related funds, the Labor-Management Cooperative Committee and the Administrative Maintenance Fund. If contributions go unpaid, the trust funds' collections counsel can make a claim on the bond.
The bond stays in force for as long as you, or a successor, are signatory to a NECA and Local 1547 agreement. The Trust Funds' employer page states it may not be cancelled without the Trust Fund's approval. The bond form requires 30 days' written notice by certified mail before any surety cancellation, and it cancels automatically when you terminate all Letters of Assent. Liability for anything owed before cancellation survives, and suit on the bond must be brought within six months after expiration or cancellation.
No. It runs to the Board of Trustees of the Alaska Electrical Trust Funds, which collects contributions on behalf of the benefit funds, the union and the other funds named in the agreement.
Employers signatory to the IBEW-NECA Tree Trimmer agreement post a $20,000 bond. The $50,000 figure applies to IBEW-NECA construction agreement signatories.
Yes. The Trust Funds let you use the insurance or brokerage firm of your choice, as long as the original bond is filed with the Administrative Office.
The bond cancels automatically when you terminate all Letters of Assent to the NECA and Local 1547 agreements. Any contributions owed before that date remain covered.
You pay a premium, not the $50,000. The surety prices it after reviewing your company's credit, financial statements and payment history, so getting a quote is the quickest way to know your rate.
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