Wage and Fringe Benefits ($20,000) Bond - Sheet Metal Workers International Association, Local No. 24 in Ohio

Brief Summary

The Central Ohio and Cincinnati agreements for Local 24 published by SMACNA do not print a bond figure. They hand the local fund bond to a written addendum and to the fund trustees, so the $20,000 amount is what applies to your company under those terms. A surety bond meets that demand for a premium instead of a $20,000 cash deposit.

This $20,000 bond guarantees an employer's contributions to SMART Local 24 benefit funds. Under Article VIII, Section 17 of the Central Ohio agreement, employers must follow local fund bonding terms set by written addendum and the bonding rules of the National Fund trustees. When a signatory employer works in another SMART local's area, that area's bond cannot exceed three months of estimated contributions.

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How to Apply for a Wage and Fringe Benefits ($20,000) Bond:

• Get the current Local 24 agreement for your district and any local fund bonding addendum.
• Confirm with the fund office that $20,000 is the amount required for your company.
• Get the exact names of every fund that must appear as obligee.
• Provide the company's legal name and owner information for underwriting.
• Sign the indemnity agreement, pay the premium and deliver the executed bond to the fund office.

Detailed Information About the Ohio Wage and Fringe Benefits ($20,000) Bond:

The amount is set outside the main contract

Contractors who look for the bond figure in the Standard Form of Union Agreement will not find it. Article VIII, Section 17a of the Central Ohio agreement between the Sheet Metal Contractors of Central Ohio and Local 24 says the employer "shall comply with any bonding provisions governing local Funds that may be negotiated by the local parties and set forth as a written Addendum to this Agreement." It also binds the employer to bonding requirements set by the Trustees of the National Funds. The $20,000 on this page is the amount for employers whose fund office or addendum calls for $20,000.

Traveling contractors

Section 17b of the same Standard Form agreement covers a signatory employer doing covered work outside its home area and inside another SMART local's area. That employer must meet the host area's uniformly applied bonding requirements, "but in no event shall such bonds be in excess of three (3) months estimated contributions to local and national Funds." Because the cap is tied to contributions, a contractor sending a larger crew into Local 24 territory can face a larger bond than one sending two workers.

The agreement on file has expired

The Central Ohio agreement published by SMACNA ran June 1, 2023 to May 31, 2026. Ask Local 24 or the contractors association for the successor agreement and any new bonding addendum before you order the bond. The Central Ohio addenda name the Local No. 98 Welfare Fund, the Local No. 98 Pension Fund and the Local 24 Columbus Area Retirement Savings Plan, so the obligee may be more than one fund.

National funds bond

Article VIII, Section 18 adds that any guaranty or performance bond required by the agreement or the Local guarantees payments to the National Pension Fund, SASMI, NEMIC, SMOHIT, ITI and the National Supplemental Savings Plan. It is furnished to the National Pension Fund within fifteen days of signing and renewed at least annually.

Why the funds insist

Under 29 U.S.C. 1145, a contributing employer must pay as the plan and agreement require. When it does not, 29 U.S.C. 1132(g)(2) lets the funds recover the unpaid contributions, interest, liquidated damages and attorney fees in court. The bond gives them a faster source of payment.

Eligibility and Requirements for a Ohio Wage and Fringe Benefits ($20,000) Bond:

• Bond amount of $20,000 where the fund office or addendum sets that figure.
• Local fund bonding terms under Article VIII, Section 17a and National Fund trustee bonding rules.
• For out of area contractors, a bond no larger than three months of estimated contributions under Section 17b.
• A separate national fund guaranty bond where required under Article VIII, Section 18.
• Bond kept in force for as long as the agreement binds you.

Ohio Wage and Fringe Benefits ($20,000) Bond FAQs:

Official and Additional Resources for the Ohio Wage and Fringe Benefits ($20,000) Bond: