This week, Representatives Phil Roe (R-TN) and Donald Norcross (D-NJ) introduced the AGC-supported Giving Retirement Options to Workers Act (GROW Act) in Congress (H.R. 4997), a bipartisan bill that would authorize the adoption of composite plans and strengthen the multiemployer pension system.
Jointly developed and supported by employer and labor organizations, the composite plan is a hybrid of a defined contribution and a defined benefit plan, in that it shares risk, provides lifetime income to participants, and limits employer obligations to negotiated contributions. H.R. 4997 is a separate initiative from efforts to address the funding challenges of the PBGC and critically funded plans. AGC is encouraged by the bipartisan bill and will be calling for its swift consideration and enactment alongside our labor partners.
For more information, contact Jim Young at [email protected] or (202) 547-0133.