In early September, Rep. John Kline (R-2nd-Minn.), chair of the House Committee on Education and the Workforce, unveiled a discussion draft of a proposal to modernize the nation’s multiemployer pension system. The proposal would authorize “composite plans”—an innovative retirement plan option that would strengthen retirement security and improve the multiemployer pension plan system.
The U.S. House Subcommittee on Health, Employment, Labor, and Pensions, chaired by Rep. Phil Roe (R-1st-Tenn.), held a hearing in late September to receive public feedback on Rep. Kline’s proposal.
SMACNA has submitted letters to both Committee Chair Kline and Subcommittee Chair Roe supporting the proposal and urging the quickest possible action on Chairman Kline’s proposal to reinvigorate the multiemployer retirement system.
This will enable SMACNA employers to continue to provide good middle-class jobs with health and pension benefits that are good for their workers, their families, their communities, and the U.S. economy.
SMACNA strongly supports the committee’s ongoing efforts to strengthen retirement security. The proposal follows years of bipartisan work led by a coalition of business and labor leaders, including SMACNA, and would provide workers with a new option to save for retirement by authorizing an innovative multiemployer plan structure, “composite plans.”