Products July 12, 2007

Web Site Clears Up Questions about Multi-Employer Plans

July 12, 2007 (PLANSPONSOR.com) - The International Foundation of Employee Benefit Plans has come out with Web site that provides information on the composition and use of multi-employer benefit plans.
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According to a press release from the non-profit group, the Web site includes frequently asked questions (FAQs) and answers for those new to this type of plan, policymakers or those servicing these funds.

The Web site begins by giving basic definitions of multi-employer plans and which industries they are most commonly used, according to the press release.

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The FAQs also clarify some common points of confusion, such as the difference between a multiemployer fund, a multiple employer pension plan and a multiple employer welfare arrangement (MEWA). Other questions covered include:

  • What are the advantages of multiemployer plans?
  • What types of benefits can be provided through this type of plan?
  • How are multiemployer plans funded?
  • What are the legal requirements under the Taft-Hartley Act for multiemployer plans?
  • How are multiemployer plans governed?
  • Are multiemployer plan trustees considered to be fiduciaries?

The Web site is   www.ifebp.org/Resources/MultiemployerFAQ/ .

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