Fiduciary Duties of Multiemployer Plan Trustees Under ERISA


The recent financial crisis has had a substantial negative effect on the solvency of multiemployer pension plans, including many union pension plans. Most of these plans are governed by a board of trustees made up of representatives of labor and management. As things have gotten worse (and because the end does not appear to be in sight, at least for pension plans), attorneys are increasingly looking to hold trustees accountable for their fund’s inadequacies.

This is a short, informational outline on the issue of pension fund trustee liability. This article is not intended to provide legal advice and should not be taken as legal advice. In the event that anyone reading this article has any question relating to the potential liability of trustees, and/or if any person needs legal representation, they should consult with an experienced attorney who practices in this area of the law.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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