AGC URGENT ACTION ALERT
The nation’s multiemployer pension plan system is facing a crisis. Over 100 plans and a million participants’ retirement security are in jeopardy.
Various measures have been proposed to address the severe underfunding of these plans and the federal agency serving as their financial backstop: the Pension Benefit Guaranty Corporation. However, one pension reform policy that should be enacted immediately is the authorization of composite plans.
A composite plan is a hybrid between a traditional defined contribution and a defined benefit plan. Composite plan legislation would be beneficial to the construction industry because:
- The plan design would protect retirement savings from market downturns or other unforeseen circumstances;
- These plans provide lifetime income to participants and give employers certainty as to how much they must contribute to the plans; and
- The plan design is tried, true, and trusted. In fact, a similar, successful model is utilized in Canada.
Taking action is easy! Simply submit the pre-written message and tweet as is to your members of Congress or customize it with personal information on how this issue impacts you and your company.
Another AGC Golf Classic, another outstanding sell-out! Thank you to our many generous sponsors and our sold-out crowd who joined us at the Exclusive Wisconsin Country Club and helped us raise funds for the AGC Education and Research Foundation.
The construction industry has experienced some very significant and sudden changes during the past few months that have led to dramatic changes in demand for work and the need for new workers. With your help, the AGC will have a better understanding how those changes are impacting the industry’s current workforce needs, and how to be better equipped to advocate for measures to help the industry’s labor needs in both the short- and long-term.
Be sure to set aside Wednesday, September 9th for the Construction Leadership Council’s (CLC) Annual Golf Outing ! We will once again be at the Ironwood Golf Course in Sussex, and will feature lunch and dinner catered by Bunzels, contests on the course, the now famous helicopter ball-drop, live music, and more!
