Even though most do not file a Form 5500, multiemployer collectively bargained apprenticeship and training funds are subject to ERISA just like pension and welfare plans. In the past year or so, the Department of Labor (DOL) has shown heightened interest in apprenticeship and training funds. The DOL has indicated that they are concerned these plans are not being operated with the same oversight as other ERISA plans. As a result, they are stepping up their enforcement efforts with regard to apprenticeship and training funds and increasing the number of apprentice funds being audited. The DOL has recommended that trustees go back to their plans and make sure its operations are in compliance with ERISA.
We have put together a summary of some of the ERISA rules and requirements as they apply specifically to apprenticeship and training funds. The summary is posted below this article, Apprenticeship and Training Funds--Getting it Right (Summary). Further, we are mailing and/or emailing the additional publication to all of our apprentice fund clients. If you are not a Legacy client and would like the apprentice funds release, please email us at email@example.com to receive a copy.
Please let us know if you have questions.