True or False: The local health and welfare fund and pension fund are managed by one Board of Trustees.

The assertion in the question is false because the local health and welfare fund and pension fund are typically managed by separate Boards of Trustees. Each fund has its own distinct purpose and requirements, necessitating different governance to ensure that the specific needs of the fund members are met.

For example, the health and welfare fund generally focuses on providing benefits that cover medical expenses, while the pension fund is oriented towards retirement benefits. These different focuses require specialized knowledge and oversight, which is why they are usually administered by independent boards that can dedicate their expertise to each fund's unique requirements. This separation helps to maintain accountability and ensures that the funds are used appropriately for the intended benefits of the members.

While there can be variations in management structures depending on specific agreements or regional practices, in the majority of cases, distinct boards are the standard approach for handling these funds.