Under the Taft-Hartley Act of 1947, management and labor representatives were given the opportunity to collectively administer Health and Welfare Plans & Qualified Retirement Plans to their workers.
This Joint Board of Trustees creates an environment where it’s become increasingly important to carefully monitor the funding, contribution, and increased pressures on these groups to ensure full compliance and efficiency.
In 2020 alone, the Employee Benefits Security Administration (EBSA) recovered more $3.1 billion dollars from enforcement actions against employers who were out of compliance. Additionally, the Department of Labor closed 230 criminal cases and indicted 70 people for crimes related to Employee Benefits Plans.
At the ERISA Advisory Group, we began helping Unions administer Taft-Hartley Plans in 2014. Since then, we’re proud to have worked with some of the largest national union plans in several states.
Taft-Hartley Trustees have enjoyed working with us because having an Independent Fiduciary to review Plan transactions reduces the risk for ERISA compliance issues.
Union Plan Consulting & Fiduciary Services
If you would like the help of an ERISA Independent Fiduciary to monitor your Taft-Hartley Plan, then consider some of the services we offer to our Union clients: