Morgan Stanley Institutional Consulting Solutions has released the results of its 2025 Taft-Hartley Survey, which provides a detailed look at how Taft-Hartley retirement plans are responding to shifting economic conditions and evolving priorities.
According to the survey, two-thirds of plan decision-makers identified delivering pension benefits without increasing employer contributions as their main objective. Nearly half also highlighted ensuring successful retirements for members as a top priority. These findings illustrate the challenges plans face in balancing participant security with cost management.
The report shows that external factors such as economic slowdown, market volatility, and regulatory requirements are significant concerns for these plans. Specifically, 86% of respondents cited slowing economic growth or the threat of recession as a major challenge, while 84% pointed to market volatility and 76% mentioned meeting regulatory requirements.
Education emerged as an area needing improvement. Over 70% of plans do not provide training for trustees, despite recognizing its importance. Of those who see value in education but lack resources, most would prefer to use consultants for this purpose. Only 18% find it easy to educate plan participants due to issues like engagement and content complexity.
Consultants play a key role in managing investments for Taft-Hartley plans; more than 80% allow consultants some discretion over investment decisions. Plan sponsors also value consultants' ability to advise on broader services beyond investment portfolios.
“Our data shows that Taft-Hartley plans are navigating complex economic and market dynamics while striving to secure stronger retirements for their members,” said Jeremy France, Head of Institutional Consulting Solutions at Morgan Stanley. “By fostering ongoing education, leveraging innovative tools, and harnessing the requisite expertise, together we can design bespoke solutions that address tomorrow’s challenges, deepen partnerships and reimagine what’s possible for Taft-Hartley plans and their members.”
“We see clear opportunities to deepen partnerships between Taft-Hartley plans and their investment consultants,” added Wm. Craig Dobbs, Institutional Consulting Director at Graystone Consulting. “The consulting relationship is central to helping plan sponsors achieve investment goals and ensure the long-term health of these plans. Understanding plan priorities— especially where expectations and outcomes diverge— helps plan sponsors and their consultants drive stronger outcomes for Taft-Hartley plan members.”
The survey was conducted by independent research firm 8 Acre Perspective with input from 150 investment representatives at Taft-Hartley plans.
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