Construction
Official Urges Swift Enactment of Measures to Protect Retirees, Allow Employers
to Remain Competitive and Ensure Economy Benefits from Billions in Pension
Investments
The chief executive
officer of the Associated General Contractors of America, Stephen E. Sandherr,
released the following statement today regarding passage in the House of
Representative of a Omnibus Spending bill that included a series of
association-backed reforms designed to allow employers and employees to protect
and improve multi-employer retirement programs:
"The House's wise decision to include a series of
multi-employer pension reforms in the broader spending bill will protect
retiree benefits, help keep thousands of employers competitive and ensure that
the broader economy continues to benefit from the billions of dollars that
pension funds invest each year. The most important aspect of these new reform
measures is that they finally provide employers and employees with the
flexibility to voluntarily act to shore up multi-employer retirement plans.
Without these new measures, thousands of retirees would likely have been forced
to accept the savage cuts to their retirement benefits that come when the
Pension Benefit Guarantee Corporation is forced to step in. This is the
culmination of three years of joint labor and management cooperation to shore
up troubled plans.
"The Senate and President Obama must move quickly to
enact these needed reform measures so that thousands of employees and their
employers can have the tools needed to protect their hard-earned investments
and benefits."
Source: AGC
of America
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