Simplifying Taft-Hartley Plans with Ekon

Taft-Hartley plans provide retirement benefits for union members, with collective bargaining agreements setting the plan’s terms. However, the administrative workload of these jointly sponsored plans can be overwhelming.

For many unions, hiring dedicated in-house staff to manage these responsibilities is not feasible. That’s where Ekon comes in. We handle the complexities of compliance, recordkeeping, and fund management while working in partnership with the plan’s Board of Trustees.

As a full-service Taft-Hartley administrator, Ekon expertly manages hours recordkeeping, member communications, compliance, actuarial services, and health and welfare eligibility tracking. We take the stress out of plan management, ensuring your program’s long-term success.

Services

With extensive expertise in the Taft-Hartley Plan market, Ekon is a trusted partner for unions. Our comprehensive services include:

Actuarial Services

Every defined benefit plan relies on precise actuarial calculations. We determine the minimum contribution required to cover future payouts and assess your plan’s funded status. Our team also reviews demographic and economic assumptions to ensure the most accurate projections for long-term plan sustainability.

Health and Welfare Eligibility Tracking

Ekon’s experts track health and welfare eligibility for multiemployer plans. We analyze current healthcare costs, predict future costs for each member, and identify and consult on retiree benefit subsidies.

Hours Recordkeeping

Accurate tracking of union employees’ hours is critical for the success of your Taft-Hartley retirement plan. We ensure precision in recording hours worked, which directly impacts benefit calculations, vesting schedules, and contribution amounts. Our recordkeeping ensures compliance and supports smooth plan administration.

Member Communication

To make your Taft-Hartley plan effective, members must fully understand their benefits. Ekon offers participant education courses and sends out quarterly newsletters to keep members informed. Additionally, our MyEkon participant portal provides members with easy access to their accounts, allowing them to track their benefits, view plan details, and stay up-to-date with their retirement progress. This tool enhances member engagement, making it easier for participants to manage their retirement planning.

Regulatory Compliance Consulting

We help ensure your plan complies with the regulations set by the IRS, Department of Labor (DOL), and Pension Benefit Guaranty Corporation (PBGC). Our team assists with regulatory filings and mandatory tax documents, reducing the risk of non-compliance and penalties.

Partner with a Trusted Taft-Hartley Service Provider

With 40 years of expertise in managing funds for local labor groups, Ekon is committed to professionalism and personalized service. We leverage our extensive retirement knowledge to ensure your participants maximize their benefits and achieve long-term financial security.

Ekon’s Diverse Taft-Hartley Trust Fund Clients:

  • Bricklayers
  • Cement Masons & Plasterers
  • Electrical Workers
  • Glaziers and Glassworkers
  • Heat and Frost Insulators
  • Laborers
  • Longshoremen
  • Machinists
  • Operating Engineers
  • Plumbers and Pipefitters
  • Service Workers
  • Sheet Metal Workers
  • Steamfitters
  • Theatrical Stage Employees
  • Tile Finishers
  • Tile Setters

Unlock the Advantages of Outsourcing Your Taft-Hartley Plan Administration

While managing benefits in-house may initially seem cost-effective, the reality is that it can be expensive and risky. Outsourcing to third-party administrators brings specialized expertise, economies of scale, and cost savings over time. These administrators ensure your plans stay compliant with complex government regulations and provide exceptional service to your membership.

Ekon Benefits offers peace of mind with our seasoned team and industry-leading certifications. We provide a comprehensive suite of Taft-Hartley plan services all under one roof, streamlining administration and minimizing risk. Contact Ekon Benefits today for a consultation.

Make the Switch to Ekon Benefits

We are here to help. Take the first step in becoming a valued client of Ekon Benefits.

Contact Us

Or write to info@ekonbenefits.com.