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Simple English definitions for legal terms
Taft–Hartley fund
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A quick definition of Taft–Hartley fund:
A Taft-Hartley fund is a special type of fund that is created when workers and their employers agree to set aside money for things like healthcare and other benefits. This fund is managed jointly by representatives from both labor and management. It's called a Taft-Hartley fund because it was created under a law called the Taft-Hartley Act.A more thorough explanation:
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.