MCAA and the UA File Joint Comments on Multiemployer Pension Reform

January 17, 2020

The UA and MCAA continue to actively press for balanced multiemployer pension reform this year. In a joint letter to the Senate, the two organizations detailed specific elements of compromise to ameliorate the damaging aspects of the recent Grassley/Alexander proposal. The organizations’ goal is to attain consensus compromise that gets multiemployer pension reform back on track for possible enactment this year.

In the joint letter transmitted to the Senate on January 14, 2020, the UA and MCAA outline the key elements of analysis and potential compromise. The letter:

  • Continues strong support for the adoption of new plan designs such as Composite Plans as a key element in restoring options to ground the multiemployer defined benefit system in more sustainable models going forward as a viable option to conversion to defined contribution plans overall, as is prevalent now in the single employer system.
  • Backs the PBGC partition elements of the Grassley/Alexander proposal generally, with some substantive and procedural modifications.
  • Calls for substantial moderation of the proposed PBGC premium increases.
  • Demonstrates the imperative need to moderate the crippling imposition of significantly detrimental mandated lower asset return assumptions in the near term.
  • Backs the proposed new Zone status provisions, with some needed clarifications.

The joint letter also transmits the two latest UA/MCAA/Horizon Actuarial Services analyses of pension reform impact on UA/MCAA plans based on the comprehensive data in the MCAA/Horizon database of all multiemployer plans nationwide.

Joint Letter

Analysis of Grassley/Alexander Proposal

Multiemployer Pension Plan Reform Policy Issues

Related Articles
Thank you to everyone who supported the MCAA PAC in 2019. With your support, the MCAA PAC can continue its efforts to gain our members and our industry a fair hearing in federal public policy decisions.…
Our industry’s legislative agenda is packed with critical legislation and regulations that will affect your company’s future. The 2020 National Issues Conference provides updates on these issues and a chance to share your concerns about them with your House and Senate representatives. Join us from May 5 – 7, 2020 in Washington, D.C. Your participation is essential to gaining credible outcomes for our industry!
A new study on Illinois apprenticeship programs shows that apprenticeships are the bachelor’s degrees of the construction industry. Joint labor-management programs, in particular, provide a more effective and inclusive offering than unilateral (open shop) programs in key areas such as training hours, graduation rates, and competitive earnings that rival the performance of Illinois’ four-year universities.…
The Mineworkers national pension and health plans were provided badly need Federal fiscal support in the year-end spending measure allowing use of the abandoned mine reclamation funds to shore up both the Mineworker national pension and health funds. This long-overdue measure will help save national mineworker pension benefits and will take the fiscal pressure of looming insolvency of that plan off the Pension Benefit Guaranty Corporation’s (PBGC) potential liability books. This measure also provides a path forward for Federal support for broader multiemployer pension reform – an essential prerequisite for effective reforms to remedy the 140 or so critical and declining plans without irredeemably crippling the vast majority of otherwise healthy plans by transferring the fiscal liability for the remedy to healthy plans.…

Thank you @ufcw135 for using a union signatory contractor AO Reed and qualified union service plumber Peggy Bearden! #unionplumber #plumbingservice #aoreed #unionproud #uaproud #unionsignatory #aoreed

Another great example of modular construction - Corrigan & Company built 296 bathroom modules offsite for St. Louis University/SSM Replacement Hospital. Coordinated multiple trades and had them pre-inspected before they left the shop.

Load More...