Multiemployer Trustee Selection and Orientation: 2014 Survey Results examines the recruitment, selection, orientation and education of new trustees and details the biggest challenges facing today's trustees.
Notably, of the 230 fund representatives from various industries that completed the survey, nearly 60% believe that it is significantly more challenging to be a trustee today, as compared to decades ago due to personal liability, fiduciary liability, finding a work-life balance, constantly changing regulations, and more. The majority of representatives also stated that it is more difficult today to recruit both labor and management trustees, and that it takes between three and five years to develop a competent trustee.
Multiemployer Trustee Selection and Orientation: 2014 Survey Results also found:
- A total of 18% of unions, 16% of boards and 11% of employer/ management associations have formal orientation, mentoring or knowledge-transfer processes for new trustees;
- The average age of board trustees is 52;
- On average trustees spend about 90 hours a year in service to their funds. This is on top of their regular jobs as a vast majority of trustees are volunteer.
Full details of the survey report can be found at www.ifebp.org/trusteeselection.
About the International Foundation of Employee Benefit Plans
The International Foundation of Employee Benefit Plans is a member-driven organization with five decades of experience as a leading objective source of employee benefits, compensation and financial literacy education and information within the American and Canadian workplace. The Foundation's expertise is industry wide; and it offers resources that include Foundation staff, training, conferences and research on topics critical to assisting its 33,000 multiemployer, corporate and public sector members respond to trends affecting the well-being of more than 25 million lives in North America. For additional information, visit www.ifebp.org.