Pension Protection: Coalition of National Associations Develop Plan to Amend Expiring Pension Law
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Several national contractor associations with which CEA is affiliated, including the Associated General Contractors (AGC), The Association of Union Constructors (TAUC), and the Sheet Metal and Air Conditioning Contractors' National Association (SMACNA), recently described their efforts to develop draft recommendations for legislative and other changes to the current multiemployer pension plan system, working as part of the National Coordinating Committee of Multiemployer Plans (NCCMP) Retirement Review Security Commission. As part of the commission, the associations worked to develop recommendations for legislative changes to ensure that the system provides reliable retirement income to workers while reducing financial risks to contributing employers.
Specific recommendations were put forth in the following areas:
- Technical corrections and other changes to the Pension Protection Act;
- New tools for plans near insolvency;
- Facilitation of new, more flexible plan designs; and
- Other new tools and changes to the law.
The full report can be found on the members-only Taft-Hartly Funds page and at the Solutions Not Bailouts website.
The federal Pension Protection Act is set to expire in 2014 and will need to be amended and renewed. Stay tuned for ways to join CEA in advocating for the changes embodied in the Solutions Not Bailouts recommendation.