Taft-Hartley Services
Midwest Taft-Hartley Services is committed to supporting the efficient and cost-effective operation of Taft-Hartley Funds. We are proud to support Taft-Hartley funds, trustees, servicing and administrative professionals in reaching their goals.
- With parties consider Taft-Hartley Funds and union / labor-related entities a primary focus;
- A team of professionals with more than 300 years of combined Taft-Hartley experience, including labor liaisons;
- Customized service models designed to meet the unique requirements of each Fund, delivered with risk mitigation as a top priority;
- Technology for speed, accuracy, and convenience in information delivery;
- Investment neutrality, offering the Fund the freedom to work with preferred investment consultants and investment managers; and
- As of December 31, 2023, Midwest Taft-Hartley Services has the privilege of serving 132 Taft-Hartley clients, supported by 15 team members and labor liaisons.
Through a unique partnership, Taft-Hartley Funds are further supported by a dedicated team of commercial and treasury services specialists. This team is familiar with the specific needs of our Taft-Hartley clients and are directly available to our clients and their third-party administrators. The services available include Online Banking Services, Lockbox Processing, ACH payment services, Controlled Disbursement Accounts, Image Archive Services, Account Reconciliation Services, Positive Pay, and other Risk Management Services.
Our Mission is to be the full-service provider of choice by delivering customized trust and coordinating banking solutions with unparalleled service and integrity; one client, Fund, trustee, member, and servicing professional at a time.
When the decisions you make affect other people’s retirement, it is critical to engage with a custodian who can safeguard Fund assets at a high level of integrity. That is why so many Boards of Trustees choose Midwest Taft-Hartley Services.
The Midwest Difference
Customized Client Service
The team consists of highly skilled professionals with an average of 25 years of experience in Taft-Hartley, custody/safekeeping, trust investment, securities lending, automated cash sweep, employer contribution processing, and other specialized services. Team members work closely with Trustees and servicing professionals to develop a customized service model.
Focus on Risk Management and Fraud Prevention
We take pride in knowing that together, with our clients, we can help mitigate fraud. We implemented a program of standardization for client-instructed activity and required client signatures. We also introduced a Secure File Transfer Protocol (SFTP) website for conveying client instructions to us, which keeps account and Fund information secure. These procedures support the protection of Fund assets.
Regulated by the State of Kansas Examiners and the Office of the Comptroller of the Currency, we work within a risk management framework to mitigate risk related to legal and regulatory obligations.
Externally, in addition to annual State of Kansas Examiners’ audits, Midwest Taft-Hartley Services engages an independent auditor to prepare an Opinion letter and SOC 1 Report on our internal controls to process client transactions. The Opinion letter and SOC 1 Report are provided to client Funds for sharing with the Fund auditors.
Online, Real-Time Portfolio Access
Portfolio holdings, custom reports, and account activity are available 24/7 for the administrative staff, investment consultants, and investment managers through our client portal, Portfolio Vision, which provides intuitive, easy to navigate, real-time viewing and export capabilities.
Focus on Transparency
We want our clients to have clear expectations regarding the scope and cost of our services. We provide fee schedules and estimated annual costs that are simple and easy to understand, as well as auditable, and based on the philosophy that long-term relationships are built on high caliber services at a fair market price.
Service Commitment
Each Taft-Hartley client is accommodated a customized service model that is designed to meet the specialized needs associated with the industry including, but not limited to, demographic, jurisdiction, employer contribution processing requirements, financial service needs, other servicing professionals involved, meeting schedule, accounts payable arrangements, reciprocity practices, and investment policy.
No two relationships are identical, and neither are the applicable service models. Our commitment to each client is to consider their service needs and preferences, as well as those of the other servicing professionals, forming a partnership with the team associated with the Fund, bringing solutions forward in a consultative way based on our vast experience in the industry and Taft-Hartley community.
We are confident in our ability to provide custody/safekeeping and other capabilities required in a manner that creates economic and operational efficiencies for our clients and their servicing professionals.