Legislation Drafted to Reform Multiemployer Pensions
The Committee on Education and the Workforce recently issued a press release on Rep. John Kline's (R-MN) draft proposal to reform the multiemployer pension system.
Part of the committee’s ongoing efforts to strengthen retirement security, the proposal follows years of bipartisan work led by a coalition of business and labor leaders and would provide workers a new option to save for retirement by authorizing an innovative multiemployer plan structure known as 'composite plans.'"
The Association of Union Constructors (TAUC) also issued a press release about the proposed legislation, applauding the committee's efforts:
Composite plans would allow trustees and bargaining parties, if they so choose, to fundamentally rebalance the risks in pension funding. The new plan designs would ensure guaranteed lifetime benefits so no participant has to fear outliving their retirement savings. At the same time, these designs would provide contributing employers cost predictability."