Two-thirds of Taft-Hartley plan decision-makers say their top goal is to deliver pension benefits to participants without requiring increased employer contributions, according to Morgan Stanley’s 2025 Taft-Hartley Survey, released today.
“We see clear opportunities to deepen partnerships between Taft-Hartley plans and their investment consultants.”
Wm. Craig Dobbs, Graystone Consulting
At the same time, almost half (47%) said another top goal was ensuring members have a successful retirement, underscoring their commitment to the financial well-being of participants. This highlights the competing pressures Taft-Hartley plans face to provide secure retirement outcomes for participants while avoiding additional burdens or costs for employers.
“Our data shows that Taft-Hartley plans are navigating complex economic and market dynamics while striving to secure stronger retirements for their members,” said Jeremy France, Head of Institutional Consulting Solutions at Morgan Stanley. “By fostering ongoing education, leveraging innovative tools, and harnessing the requisite expertise, together we can design bespoke solutions that address tomorrow’s challenges, deepen partnerships and reimagine what’s possible for Taft-Hartley plans and their members.”
Another key finding from the survey is that 86% of plan leaders cite slowing economic growth and recession risk as their top challenge—outpacing even market volatility and regulatory hurdles. Notably, more than 80% now give consultants discretion over investments, with decision-makers valuing their guidance well beyond portfolio management. In any model, Taft-Hartley decision-makers say they most value their consultant’s ability to advise on services beyond the plan’s investment portfolio—for example, with tasks such as helping to interpret actuarial findings and offering broad education.
“We see clear opportunities to deepen partnerships between Taft-Hartley plans and their investment consultants,” said Wm. Craig Dobbs, Institutional Consulting Director at Graystone Consulting. “The consulting relationship is central to helping plan sponsors achieve investment goals and ensure the long-term health of these plans. Understanding plan priorities—especially where expectations and outcomes diverge—helps plan sponsors and their consultants drive stronger outcomes for Taft-Hartley plan members.”
A Taft-Hartley plan is a multi-employer benefit plan that provides employee benefits like health, welfare, and pension to unionized workers. Established through collective bargaining agreements, these plans allow employees to gain benefits and “credits” toward pensions by working for multiple employers within the same industry, ensuring they remain covered even as they move between jobs. These plans are jointly administered by trustees from both the union and participating employers.
The new survey also found education is a critical area for improvement when it comes to Taf-Hartley plans. Plan decision-makers recognize the need to educate trustees and participants on fiduciary and regulatory topics, but many lack resources. Over 70% of plans do not offer training and education for their trustees, and among those who don’t offer training but see its value, two-thirds would prefer to use a consultant.
Meanwhile, educating plan participants poses its own challenges: Only 18% of respondents find it very easy to educate members, with engagement, complexity, and delivering relevant content across a broad member base cited as the top speedbumps.
The survey, conducted by independent research firm 8 Acre Perspective, gathered input from 150 investment representatives at Taft-Hartley plans to offer a comprehensive look at the current landscape and outlook for these critical retirement and financial wellness strategies.
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