On Jan. 9, AGC participated in a media rollout of the Give Retirement Options to Workers (GROW) Act with the future bill’s sponsors, the National Coordinating Committee for Multiemployer Plans (NCCMP) and North America's Building Trades Unions (NABTU). More commonly known as “composite plans,” the GROW Act has long been an AGC priority, and legislation could be formally unveiled in the coming weeks.
Initially proposed in the NCCMPs Solutions not Bailouts, the composite plan concept incorporates the best features of defined benefit plans and defined contribution plans. These composite plans would offer voluntary options to share risks, providing funding stability, providing lifetime income to participants, and limiting employer obligations to negotiated contributions only.
AGC of America CEO Stephen Sandherr and Sean McGarvey, President of NABTU, weighed in on composite plans in an op-ed published in The Hill. More information can be found on the Save Our Futures website, and AGC is calling on members to send letters of support to their legislators via the AGC Legislative Action Center.
For more information, contact Jim Young at [email protected] or (202) 547-0133.