National, Regional, and Local Plans refer to multiemployer pension plans established under the provisions of the Taft-Hartley Act. These plans serve different geographical areas and industries, accommodating the needs of workers and employers within those specific regions. Here’s an overview of each type of plan:
- National Plans:
- Coverage: National Taft-Hartley Plans cover workers employed across the entire country or within multiple states. They are often established for industries that have a broad national presence.
- Examples: National Taft-Hartley Plans can include those for industries like long-haul trucking, telecommunications, and certain trades that have a strong nationwide presence.
- Benefits: These plans offer retirement and pension benefits to employees, providing them with a consistent pension structure regardless of the geographic location of their employment.
- Regional Plans:
- Coverage: Regional Taft-Hartley Plans serve employees in a specific geographic region, such as a state, a group of states, or a particular area within a state. They cater to the needs of workers within that defined region.
- Examples: Regional Plans can include those for construction workers within a state, healthcare employees in a specific region, or transportation workers within a defined area.
- Benefits: These plans offer tailored retirement and pension benefits to workers who primarily work within the designated region. They often account for the regional cost of living and industry dynamics.
- Local Plans:
- Coverage: Local Plans serve employees within a local area, such as a city, county, or a specific locality. These plans are established to meet the unique needs of workers in that particular area.
- Examples: Local Plans may include those for workers in the entertainment industry in a specific city, employees in local construction trades, or healthcare workers in a particular county.
- Benefits: Local Plans offer retirement and pension benefits that are well-suited to the employment patterns and economic conditions of the local area. They may also accommodate the cyclical nature of some industries within that locality.
The choice between a national, regional, or local plan depends on the collective bargaining agreements between labor unions and participating employers. The goal is to create plans that best address the circumstances, employment patterns, and regional factors of the covered workers. Each type of plan aims to provide retirement security and other benefits while considering the specific needs and characteristics of the workforce within their designated geographical area.