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