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.