Tell Congress to Approve Composite Plans
Congress recently introduced the AGC-supported Giving Retirement Options to Workers Act (GROW Act), HR 4997.  As such, AGC urges you to support the bipartisan bill by contacting your U.S. representative and U.S. senators.  The bill would authorize the adoption of composite plans and strengthen the multiemployer pension system.
The legislation was 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.