Definition - What does Multiemployer Plan mean?
A multiemployer plan is a retirement plan that is usually created and hosted by several employers. It can include health insurance, life insurance, and other types of insurance. Both employers and employees can save money through these plans.
Insuranceopedia explains Multiemployer Plan
Employees who move from one company that participates in a multiemployer plan to another company that also does will generally retain coverage. Although they no longer work for their original employer, these employees will still be working under the umbrella of coverage provided by the plan.
Multiemployer plans are often created by companies who work in the same industry. For example, several solar panel companies may work together to create a multiemployer plan for all of their employees.