AGC Provides Construction Industry Positions to Committee
On August 13, AGC—along with other construction employer associations—delivered a letter to Congress focusing on issues important to construction employers that are under consideration by the Congressional Joint Select Committee on Solvency of Multiemployer Pension Plans (JSC). The letter outlines the case for composite plans; the case against investment assumption mandates; and the case for not raising premiums. In addition, it outlines the efforts contractors have taken for years to address funding issues and emphasizes that time is running out. The outcome of the JSC remains uncertain but AGC will continue advocating for policies that benefit the construction industry and strengthen participants’ retirement security.
Congress established the JSC to improve the solvency of multiemployer pension plans and the Pension Benefit Guaranty Corporation (PBGC). The JSC has a statutory deadline to present a legislative solution by November 30, which means the Committee will be assessing solutions to the pension crisis this fall.
For more information, contact Jim Young at [email protected].