The NRA-IATSE Local
720 Training Trust was established in 1974 under the Labor Management
Relations Act, or “Taft-Hartley” Act, which is a law that allows
employers to contribute to employee benefit trust funds for pensions,
health plans and other benefits, including training. The Employee
Retirement Income Security Act, or “ERISA,” also governs the operation
of the Trust.
Under the Act, the
Trust Fund must be operated by a board of Trustees from both employers
(originally represented by the Nevada Resort Association) and the union
(Local 720), each side having equal voting power on all decisions.
However, the Trust and its board are independent from both the Local and
the employers. The Trustees also retain various professionals to help
operate the Trust, including an administrator, attorneys, accountant and
banks. The board may also include alternate Trustees, who vote only in
the absence of a regular Trustee.
The Trustees establish
various policies and training programs, and update them from time to
time at periodic Trust meetings, to address emerging issues related to
the industry and goals of the Trust.