MULTIEMPLOYER PLANS Multiemployer benefit plans play a critical role in providing retirement and welfare benefits — that include health, life, disability, training and vacation — for employees across industries. Often referred to as TaftHartley plans, they require deep knowledge, careful financial management and year-round attention to meet compliance demands. Weaver goes beyond the numbers, taking the time to understand your plan, your board of trustees and the challenges you face, supporting you to meet fiduciary responsibilities and manage your plan effectively.
UNDERSTANDING MULTIEMPLOYER PLAN COMPLEXITIES Unique in both structure and oversight, multiemployer benefit plan terms are established through collective bargaining agreements between unions and participating employers. The plans are governed by a board of trustees with equal representation from both sides. Like other employee benefit plans, these plans are subject to the Employee Retirement Income Security Act (ERISA), and regulations are enforced by the Department of Labor (DOL), Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC). In this environment, trustees and administrators require a team that understands the interconnected responsibilities involved. That’s where Weaver comes in.
TURNING OVERSIGHT INTO OPPORTUNITY Weaver understands the fine details of multiemployer plans and the critical role accurate financial reporting plays in sustaining participant trust and meeting regulatory requirements. Our team works closely with plan fiduciaries and other service providers to streamline accounting processes, deliver reports on time and highlight opportunities to enhance financial management.
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THE RIGHT SUPPORT STRENGTHENS YOUR MULTIEMPLOYER PLAN Even small oversights can result in significant financial penalties or jeopardize a plan’s taxexempt status. Our forward-looking insights and tools are designed to strengthen governance, improve efficiency and safeguard participant trust. We focus on adding value for clients by: ⊲ Advancing fiduciary governance: Translate complex reporting into actionable insights, helping boards make clear, defensible decisions that protect plan integrity ⊲ Optimizing administrative processes: Identify inefficiencies and modernizing workflows, reduce costs and free up staff capacity for higher-value work ⊲ Strengthening data security and resilience: Address cyber risks directly, enhancing controls to protect participant information and maintain confidence ⊲ Equipping leaders with knowledge: Provide training tailored to trustees and administrators, keeping decision makers current on regulatory changes and industry trends ⊲ Planning for what’s ahead: Continuously monitor IRS, DOL and legislative updates to prepare clients for regulatory changes before they become disruptive ⊲ Protecting participant privacy: Helping plans safeguard sensitive participant data through strong policies, controls and compliance with applicable privacy requirements