Contractors Seek Pension Reform Legislation

On August 13, 2018, eight national construction employer associations submitted a joint letter to Senators Orrin Hatch and Sherrod Brown, Chairmen of the Congressional Committee tasked with finding solutions to maintain the health of multi-employer pension plans. 

Contractors Emphasized the Following

  1. Congress should pass the "GROW Act," enabling "composite" plan designs, which incorporate the best aspects of defined benefit and defined contribution plans. 
  2. Government should avoid dictating plan assumptions on interest rates that would harm pension plans.
  3. Congress should only increase premium payments to the Pension Benefit Guarantee Corporation after enacting other pension reform measures.
  4. Time is running out, and bi-partisan legislative reform is needed now.

Read the Letter