New Proposal Reforms Multiemployer Retirement Plans, Helps Hard Hit Construction Employers, Protects Economy
Plan, Developed By Business and Worker Groups, Reflects Practical, Self-Sufficient Approach to Preserving Existing Plans While Providing Needed Future Flexibility, Construction Group Notes
The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the following statement in response to the release of the National Coordinating Committee for Multiemployer Plans Retirement Security Review Commission’s proposed plan for preserving, remediating and innovating multiemployer retirement plans:
“The Commission’s plan represents a pragmatic, reasonable and – most importantly for taxpayers – self-sufficient approach to preserving and protecting nearly half a trillion dollars worth of multiemployer retirement plans. These retirement plans, many of which are funded by construction firms, are needed to ensure long-term security for tens of thousands of construction workers. As important, the retirement plans’ funds provide a vital source of capital for domestic investments in everything from small businesses to major infrastructure projects. The steps outlined in the Commission’s plan give employers and their workers the tools they need to protect their retirement plans.
“The recommendations included in this plan also acknowledge two distinct realities. First, taxpayers will not be asked to contribute to the preservation of these retirement plans, and second, workers and employers alike must be willing to reconsider the long-term viability of the current defined-benefit plan model in place in this country. Indeed, the steps outlined in the Commission’s plan have the potential to safeguard many current retirement plans while offering a way to provide retirement security for future construction workers. That is why we will work to support swift legislative approval of the types of measures outlined in this plan and encourage employers and their workers to adopt them.”