Legal Definitions - Taft–Hartley fund

A Taft-Hartley fund is a joint-welfare fund established through collective bargaining to provide health and welfare benefits to union employees. This fund is managed jointly by labor and management representatives.

Example: A union and an employer negotiate a collective bargaining agreement that includes a Taft-Hartley fund to provide health insurance to union employees. The fund is financed through contributions from the employer and the union, and it is managed by a board of trustees consisting of an equal number of labor and management representatives.

This example illustrates how a Taft-Hartley fund is established through collective bargaining and managed jointly by labor and management representatives to provide health and welfare benefits to union employees.