This week AGC joined with construction employers and building trades union in support of multiemployer pension reform. The letter to congressional leaders urges Congress to include common sense pension reform for the nation’s troubled pension plans and to authorize a Composite Plan option for healthy plans. Reforms called for include a special partition program from the Pension Benefit Guaranty Corporation. The COVID-19 crisis and the resulting investment losses and reduction in contributions has further worsened many plans and has made reform more urgent.
Last week a report was released showing that Composite Plans would have fared better during the COVID-19 emergency than traditional multiemployer pension plans.