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
Retirement Plan Design to Attract and Retain Executive Talent
Smart Business' Insights Accounting is brought to you by Jeff Spencer, CPA, MAcc, tax principal at Ciuni & Panichi.
Several types of retirement plans are designed to not only help executives save more, but also defer their current income, and thus lower their current tax liability."...
Building Trades put Financial Clout to Work
This news article is by Jay Miller, Crain's Cleveland Business staff writer on government issues.
The pension and health and welfare funds supported by many of the 31 unions or district councils in the Cleveland Building & Construction Trades Council (CBCTC) are investing in or lending millions of dollars to many of the most...
Senator Brown and Rep. Ryan to Introduce Plan to Save Pension Funds
By Jack Torry, The Columbus Dispatch on Senator Sherrod Brown and Rep. Tim Ryan efforts on trying to save the current pension funds.
Sen. Sherrod Brown plans to introduce a bill as early as this week that he says will guarantee thousands of retirees in Ohio receive the pensions they originally were promised....
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...
Temporary Reprieve from Pension Cuts for Local 17 Retirees
Retired members of Iron Workers Local 17 will have extra time before pensions are cut, Stephen Koff of Cleveland.com reports. Last week, Local 17 withdrew its application for permission to make the cuts, and submitted a new one in its place.
Treasury has agreed to treat this as starting over. This means that when the notice...
Pension Plans Facing Difficulties
Many union pension plans are currently facing difficult decisions. Stephen Koff of Cleveland.com provides an overview of the situation, some potential solutions, and several important considerations:
Should the government sanction the cuts, or should Congress help the retirees out? If the latter, with whose...
Pension Protection: Coalition of National Associations Develop Plan to Amend Expiring Pension Law
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...
How to Avoid Saying "I gave to the IRS."
It’s the last quarter of the year again and usually this means meeting with your accountant for year-end planning and tax minimization. The question that business owners most often ask is,
Can I put more tax deductible dollars into my retirement plan just for me?” Given the proper employee demographics and planning...