By: Brenda Hofmann
The International Foundation’s new report, Multiemployer Trustee Selection and Orientation: 2014 Survey Results, reveals that 93% of trustees find it more difficult to be a trustee today compared with a decade ago. While high, that number probably surprises few given how complex multiemployer plans are and the incredible responsibility that comes with being a trustee.
Today’s trustees cite personal liability, fiduciary liability, the struggle for work-life balance and constantly changing regulations as the top stressors they encounter in their role.
Shedding light on a number of aspects of trusteeship that are not often examined, the comprehensive report breaks down the recruitment, selection, orientation and education of new trustees of collectively bargained plans.
[Related: Multiemployer Plans: A Guide for New Trustees]
Findings show that:
- On average, trustees spend about 90 hours per year in service to their funds. (This is on top of their regular jobs since a vast majority of trustees are volunteers.)
- Good listening skills and solid personal ethics are the most valued skills and personality traits of a good trustee.
- The average age of a trustee is 52 and more than one-quarter are over the age of 60.
- About one in five unions has adopted special efforts to recruit women, minorities or different generations.
View the full survey report at www.ifebp.org/trusteeselection.
Plan now to attend the Trustees and Administrators Institutes – New Trustees, February 9-11, 2015 in Lake Buena Vista, Florida.