Human Resource & Labor News
www.agc.orgSeptember 14, 2017 / Issue No. 06-17
AGC Home Page
Email our Editor
Search Back Issues
Forward to a Friend
Subscribe
Printer Friendly
On the Inside
Professional & Workforce Development
Construction HR & Training Professionals Gear Up for Industry Conference
Seventy Percent of Contractors Have a Hard Time Finding Qualified Craft Workers to Hire Amid Growing Construction Demand, National Survey Finds
Wages & Benefits
Overtime Rule Invalidated by Federal Court in Texas
Minimum Wage for Federal Contractors Raised to $10.35 for 2018
Judge Finds Contractor Responsible for Davis-Bacon Workers’ Actual Lodging Expenses
AGC Urges DOL to Modernize Davis-Bacon Certified Payroll Reporting Requirements
PBGC Report Shows Continuing Problems with Multiemployer Pension Plans
Equal Employment Opportunity
OMB Halts New EEO-1 Pay Data Collection Requirements; Original EEO-1 Reporting Still in Effect
PBGC Report Shows Continuing Problems with Multiemployer Pension Plans
AGC Calls on Congress to Make Additional Reforms
 

On August 3, 2017, the Pension Benefit Guaranty Corporation (PBGC) issued its FY 2016 Projections Report detailing an increasing multiemployer pension program deficit with the probability of PBGC insolvency by 2025 without action. The deficit increased to $59 billion in 2016 and is projected to increase to $80 billion by 2026. According to the report, 100 plans are expected to become insolvent over the next 20 years, a handful of them being in the construction industry.

While the Multiemployer Pension Reform Act of 2014 was meant to address many of the troubled plans, it was slow to be implemented and used by the Obama Administration. The law allowed plans heading toward insolvency to apply to the Treasury Department for benefit reductions if those reductions would allow the plan to remain solvent. To date, 15 plans have applied to Treasury with three applications having been accepted, several others remain under review.

AGC continues to monitor the viability of the PBGC and will oppose schemes to place excessive fees or premiums on plans to fund the failing PBGC. AGC is also advocating that Congress authorize a new type of multiemployer pension plan design, composite plans, that could provide an additional voluntary option to provide a lifetime benefit for employees, requires no government funding, and provides a much needed relief for employers and has been supported by labor and management. AGC hopes congress could begin consideration of the proposal this fall.

For more information, contact Jim Young at youngj@agc.org or (202) 547-0133.
Return to Top

2300 Wilson Boulevard, Suite 300 • Arlington, VA 22201 • 703.548.3118 (phone) • 703.548.3119 (fax) • www.agc.org
AGC Home | About AGC | Advocacy | Industry Topics | Construction Markets | Programs & Events | Career Development | News & Media

To ensure delivery of AGC’s Human Resource & Labor News, please add 'communications@agc.org' to your email address book or Safe Sender List. If you are still having problems receiving our communications, visit our white-listing page for more details.

© Copyright The Associated General Contractors (AGC) of America. All Rights Reserved.


The Associated General Contractors of America | Quality People. Quality Projects.