How do Taft-Hartley plans work?

Taft-Hartley plans give employees of smaller companies and those within unions access to pension plans. They also offer portability. For example, they allow an employee to transfer his or her pension benefits from one employer to the next as long as both employers are in the same plan.

What is a Taft-Hartley union?

The Taft-Hartley Act is a 1947 U.S. federal law that extended and modified the 1935 Wagner Act. It prohibits certain union practices and requires disclosure of certain financial and political activities by unions. 1 The bill was initially vetoed by President Truman, but Congress overrode the veto.

How do multiemployer pension plans work?

A multiemployer plan is a pension plan created through an agreement between two or more employers and a union. The employers are usually in the same or related industries, like construction or transportation. Multiemployer plans are run by a board of trustees, with an equal number of employer and union trustees.

What are Taft-Hartley groups?

Taft-Hartley Trust Funds are plans established under section 302 of the Taft-Hartley Act of 1947. Jointly trusted plans are common when a group of employers, usually in the same industry, join together with the unions with which they have bargaining agreements, to establish a multi-employer trust.

Are Taft-Hartley plans qualified?

Yes, they are. ERISA protects employees—including Taft-Hartley members and their beneficiaries—by setting minimum standards and providing guidelines for administering, advising, and managing retirement plans.

Are all union plans Taft-Hartley plans?

A multiemployer plan is a collectively bargained plan maintained by more than one employer, usually within the same or related industries, and a labor union. These plans are often referred to as “Taft-Hartley plans.”

Why was Taft-Hartley Act passed?

Taft-Hartley defined six additional unfair labor practices, reflecting Congress’ perception that some union conduct also needed correction. The Act was amended to protect employees’ rights from these unfair practices by unions.

Why are multiemployer pension plans in trouble?

Moreover, the Pension Benefit Guaranty Corporation (“PBGC”) has stated that it will be unable to fund its multiemployer pension insurance program after 2026, in part due to the pending insolvency of the Central States Southeast & Southwest Areas Pension Fund, which is projected to be insolvent by 2025.

Who does the Taft-Hartley Act protect?

The Labor Management Relations Act of 1947, better known as the Taft–Hartley Act, is a United States federal law that restricts the activities and power of labor unions. It was enacted by the 80th United States Congress over the veto of President Harry S. Truman, becoming law on June 23, 1947.

Are Taft-Hartley plans covered by ERISA?

Who are the trustees of the Taft Hartley multiemployer plan?

Taft-Hartley Multiemployer funds are not union funds or company funds, but instead are trust benefit funds that are jointly administered by labor and management trustees. Trustees of Taft-Hartley Multiemployer plans hire us to perform various functions associated with the administration of the fund.

Where can I find a Taft Hartley plan?

Taft-Hartley Multiemployer plans are often found in industries and geographic areas where several employers are covered by collective bargaining agreements with one or more participating local unions. Covered participants could work for several of those employers during their career.

Who are the members of the Smart Union?

SMART’s members ensure the quality of the air we breathe, promote energy efficiency, produce and provide the vital services that move products to market and passengers to their destinations. We are sheet metal workers, service technicians, bus operators, engineers, conductors, sign workers, welders, production employees and more.

Who are the members of the sheet metal Union?

We are sheet metal workers, service technicians, bus operators, engineers, conductors, sign workers, welders, production employees and more. With members in scores of different occupations, we advocate for fairness in the workplace, excellence at work and opportunity for all working families.