Sheet metal & Air Conditioning Contractors’ National Association

Pensions

Talking Points: Multiemployer Composite Plan Design


Employers that contribute to multiemployer pension plans want to continue to be able to provide lifetime retirement security for their workers but the current Defined Benefit (DB) system is unstable and employers are worried about the viability of their businesses and are being driven out of the system.  The PBGC has identified several large and small DB funds on the verge of collapse.  The existing economic realities mean that benefit security under the current DB system is illusory.  

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A White Paper on Composite Plan Pension Design


SMACNA continues to urge Congress to provide employers and employees participating in collectively bargained, multiemployer benefit plans more choices in retirement plan models. We are supporting a composite model that is distinct from both the traditional defined benefit model and the defined contribution model. This would accomplish the final piece of the multiemployer pension reform proposal, “Solutions Not Bailouts”. The composite model would enable multiemployer pension plans to voluntarily adopt more flexible plan structures that would reduce risks for contributing employers but still provide reliable, lifetime income for a secure retirement for workers without risk to the taxpayer.  View the White Paper to better understand how the hybrid plan design will work.

  • 2015 Issue Sheets 1. Multiemployer Pension Plans: Composite Plan Designs

    Quality Construction Alliance (QCA) Position:Congress should act quickly to provide employers and employees participating in collectively bargained, multiemployer benefit plans more choices in retirement plan models. QCA is supporting a composite model that is distinct from both the traditional defined benefit model and the defined contribution model. This would accomplish the final piece of the multiemployer pension reform proposal, “Solutions Not Bailouts”. The composite model would enable multiemployer pension plans to voluntarily adopt more flexible plan structures that would reduce risks for contributing employers but still provide reliable, lifetime income for secure retirement for workers. The Issue: The Multiemployer Pension ...

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  • News President’s Column: Never, never give up

    When SMACNA CEO Vince Sandusky and I made our remarks at the Council of Chapter Representatives’ meeting last month it wasn’t clear if pension reform was going to pass in Congress or not.

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  • News President Signs Pension Reform into Law

    On Dec. 16, 2014, President Obama signed H.R. 83, the $1.1 trillion consolidated appropriations bill funding government operations for 2015. Now Public Law No: 113-235, that law includes the Kline-Miller pension reform amendments.

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  • Resource SMART and SMACNA Urge Congress to Support Solutions Not Bailouts Pension Reform

    The International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART)i and the Sheet Metal and Air Conditioning Contractors’ National Association (SMACNA)ii urge Congress to end the crisis of confidence facing multiemployer pension plans because of the pressing need for comprehensive pension reform. For over 18 months, SMACNA and SMART collaborated with more than 40 labor and business leaders in the Retirement Security Review Commission. The Commission’s specific and concrete recommendations – Solutions not Bailouts - if enacted, will strengthen retirement security. For the specifics, please review “Solutions Not Bailouts: A Comprehensive Plan from Business and Labor to Safeguard Multiemployer Retirement Security, Protect Taxpayers and Spur Economic Growth” at http://www.solutionsnotbailouts.com/.

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  • Resource Retirement Security Review Commission Legislative Proposal Details

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  • Resource Labor-Management Pension Reform Proposal

    Summary Talking Points

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  • Resource Government Accountability Office Report on Multiemployer Defined Benefit Pension Plans

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  • Resource Multiemployer Pension Plans

    Report to Congress Required by the Pension Protection Act of 2006

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  • Resource Solutions not Bailouts

    A Comprehensive Plan from Business and Labor to Safeguard Multiemployer Retirement Security, Protect Taxpayers and Spur Economic Growth

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  • Resource Committee Leaders Respond to Reports on Multiemployer Pension System

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  • Resource For Disclosures about an Employer’s Participation in a Multiemployer Plan

    Find information and a compliance guide for new Financial Accounting Standards Board (FASB) requirements regarding “Disclosures about an Employer’s Participation in a Multiemployer Plan”. The guide include links to Frequently Asked Questions (FAQ), worksheets and a memo from the Sheet Metal Worker’s National Pension Fund. The guide is provided to assist SMACNA members in understanding and complying with the new Financial Accounting Standards Board’s (FASB) disclosure requirements but employers should consult with legal and accounting professionals regarding their disclosure obligations. The FASB disclosure requirements take effect for annual periods ending after December 15, 2011 for publicly traded companies, and for periods after December 15, 2012 for privately owned companies.

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  • Issue Briefs Pension Funding Relief

    Three documents involving pension funding relief

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Hill Watch

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