Ullico | Protect Your Fund
Ullico Bulletin

William K. Cavanagh is president of the Ullico Casualty Group, Inc. Mr. Cavanagh has more than 35 years of legal experience, with a particular expertise in labor, Taft-Hartley, fiduciary liability, and multiemployer pension, health and welfare fund issues.
William K. Cavanagh is president of the Ullico Casualty Group, Inc. Mr. Cavanagh has more than 35 years of legal experience, with a particular expertise in labor, Taft-Hartley, fiduciary liability, and multiemployer pension, health and welfare fund issues.

Protect Your Fund: A Checklist for Trustees

Ullico Casualty Group, Inc. protects trustees and other fiduciaries of multiemployer and public benefit funds with insurance solutions specially designed for the union workplace. One way for trustees to manage risk is to have the right policies and guidelines in place. Review the following checklist that provides helpful hints from my 30-plus years representing Taft-Hartley and public trust funds as fund counsel. We recommend adding this list to your quarterly due diligence files, along with any further documents which your fund’s attorney recommends.

Trustee Due Diligence Checklist

1. Do you have the original correspondence from the Internal Revenue Service confirming tax exempt status for the fund? (The Department of Labor and IRS expect such correspondence to be produced at the very outset of even a routine investigation.) Yes No
2. Do you know where the original, restated or amended Trust Agreement is located? Yes No
3. Do you have all vendor contracts? Yes No
4. Do you have in place a current expense reimbursement policy? Yes No
5. Do you have a written delinquent contribution policy? Yes No
6. Do you have litigation guidelines? Yes No
7. Do you have a policy for trustees to disclose any potential conflicts of interest? Yes No
8. Do you have a current withdrawal liability policy? Yes No
9. Do you have a current investment policy? Yes No
10. Do you have written procedures regarding employee conduct? Yes No

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