Sheet Metal Workers 292 Apprenticeship Fund

“Line 2: the relationship between the trustees of the fund is a "business relationship." the fund is established and maintained pursuant to the employee retirement income security act of 1974, as amended. The fund, as a taft-hartley fund, is administered by a board of trustees which is composed of an equal number of union and employer representatives. Because of this organizational requirement, there is a business relationship between the trustees.”

“The settlors of the trust ammended the quorum requriements of the trust agreement so that three trustees shall constitute a quorum instead of four, provided that at least one of those present is an employer trustee and one is a union trustee. The fund is a taft-hartley fund and consistent with the legal requirements for such funds, at any time any matter is voted upon at a meeting, the employer trustees and union trustees each cast an equal number of votes, which are divided equally among those trustees actually present.”

“The form 990 is provided to each trustee before it is filed with the irs. In addition, it is presented and approved by the full board of trustees at a meeting, subject to review by and approval of the fund's legal counsel.”

“Upon becoming a member of the board of trustees, each trustee is given the conflict of interest policy, which is periodically reviewed as needed. In addition, annually each trustee must answer the fiduciary liability insurance renewal questionaire, which contains questions regarding potential and actual conflicts of interest.”

“The fund is established and maintained pursuant to the employee retirement income security act of 1974, as amended. The fund, as a taft-hartley plan, is administered by a board of trustees which is composed of an equal number of union and employer representatives. The fund provides training for apprentices and journeymen in the unionized industrial (as opposed to construction) sheet metal worker industry. The "top management official" is the fund's coordinator, an employee of the fund hired by the board of trustees. The salary and other compensation for the coordinator is derived from the current collectively bargained wage rate for general foreman at forty hours per week, plus an additional 4 per hour. This calculation is intended to reflect that the coordinator is a highly and broadly skilled sheet metal worker who could earn such wages were he or she working in covered employment (with the ability to earn overtime wages). In this way, the coordinator's compensation is based upon an industry-appropriate "comparability" determination, but because there are very few industrial sheet metal apprenticeship schools, and the skills and responsibilities for coordinators vary widely, it is not possible or practical to use other comparability measures.”

“The fund is established and maintained pursuant to the employee retirement security act of 1974, as amended. It operates in compliance with the reporting and disclosure requirements of subtitle b, part i of erisa with respect to disclosure of its governing documents and financial information. It operates in compliance with the fiduciary responsibility requirements of subtitle b, part 4 of erisa.”