multiemployer plan

[Guest ooota]

What are the steps that must be taken by the trustees in order to adopt a multiemployer plan?

[Kirk Maldonado]

Hire competent ERISA counsel. Proceeding without one is absolute insanity.

[mbozek]

ooota: Are you referring to the trustess of the union who wish to establish the multiemployer plan or are you referring to the "trustees" of the employer who will sign an agreement to be a participating employer in the ME plan?

[Guest ooota]

I am referring to the trustees of the union who wish to adopt a new plan.

[KJohnson]

I echo Kirk's comment.

However, if you want to get some general background on multiemployer plans the International Foundation of Employee Benefit Plans has a multiemployer plan "bookstore" on line. You can find it here:

http://www.ifebp.org/bookstore/pbmultpl.asp

[JohnCheek]

The multiemployer plan will have to be administered by a joint board of trustees, in which labor and management have an equal voice.

The Plan will need a trust agreement, a plan document, and presumably one or more collective bargaining agreements that require contributions to the plan.

For a db pension plan, or a welfare plan that is not fully insured, you need an actuary's help. And, yes, you definitely need an attorney.

For any employer to participate in the plan, they would either be a party to the collective bargaining agreement, or they would have to sign a separate participation agreement, but the individual employers do not need to be a party to the trust agreement or the plan adoption agreement.