Construction Industry Urges Congress to Support Composite Plans
SWACCA, the other union contractor associations in the Construction Employers of America, and the AGC sent a letter under joint signature to the Chairman of the House Ways and Means Committee, Richard Neal (D-MA), regarding today’s mark-up of the “Butch Lewis” Act. The letter explains that many construction industry plans, while not in “critical” or “critical and declining” status, face significant unfunded liabilities and suffer the same long-term risks” that have driven the troubled plans targeted by the Butch Lewis Act to insolvency. To address this, the letter sets forth elements of comprehensive pension reform necessary to stabilize the multiemployer system. This includes the need for “Congress to modernize the multiemployer system by authorizing Composite Plan design”. It also urged the Committee to acknowledge the efforts that construction industry plans have made to date to address the challenges facing the multiemployer pension system.
Read the full letter here.