This is the eighth annual Milliman Multiemployer Health and Welfare Study, analyzing nationwide financial disclosures for multiemployer health and welfare (Taft-Hartley) plans. This year’s report includes data for 1,220 plans covering approximately 4.8 million members as of 2023, the most recent year for which data is available. Data is based on Form 5550 filings.

Key findings

• Average plans held net assets equal to approximately one year and four months of benefits and expenses, up about 1.5 months from last year.
• Total income exceeded total expenses by 14.1%, a 15-percentage-point increase over the prior year.
• Average investment return was 9.8% in 2023, versus -3.7% in 2022, when most asset classes declined.
• Investment income represented 11.4% of overall income in 2023, up from 4.6% in 2022.
• On a per-member basis, expenses rose 5.8% and total contribution income increased 3.2% year over year.
• Over 80% of plans had a net gain in 2023, compared with around 50% in 2021 and 2022.