HVAC Breaking News

July 5, 2005: AGC Urges Passage Of Multiemployer Pension Bill

July 5, 2005
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON - The Associated General Contractors of America (AGC) testified at a hearing on Capitol Hill before the House Ways and Means Subcommittee on Select Revenue, urging Congress to pass a multiemployer pension bill that would increase the maximum deductibility limit to 140 percent of current liability and help ensure the fiscal health of the plans moving forward.

Chuck Clark, a member of AGC's Michigan Chapter and president and CEO of Clark Construction, Lansing, Mich., told the House committee, "If Congress would raise the maximum deductibility level to 140 percent, many of the funding problems faced by the industry in 2002 could be avoided in the future."

In 2001 and 2002, AGC found that multiemployer pension funds were facing funding deficiencies because the maximum deducibility limit was only at 100 percent, making it virtually impossible for plans to create sufficient savings in the event of a downturn in the market, says the association. The House proposal to increase the deductibility limit would allow the plans to save more for future retirees and avoid funding shortfalls in the future.

"The construction industry is the number one user of multiemployer pension plans because they provide portability for workers as they move to different jobsites and new employers," said AGC CEO Stephen E. Sandherr. "AGC's number one priority for this bill is to ensure the increase in the maximum deductibility limit - we appreciate the effort of House members to listen to our concerns and the concerns of our members."

AGC is a national construction trade association representing more than 33,000 firms, including 7,000 leading general contractors and over 12,000 specialty-contracting firms. More than 13,000 service providers and suppliers are associated with AGC through a nationwide network of chapters. For more information, visit www.agc.org.

Publication date: 07/04/2005

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2014 World Energy Engineering Congress

Scenes from the 2014 World Energy Engineering Congress in Washington, D.C.

Podcasts

NEWSMakers: Matt Barga

Matt Barga, portfolio manager — a/c and coils, Ingersoll Rand, discusses how the company is working to comply with the new energy conservation standards for heat pumps and air conditioners that go into effect on Jan. 1, 2015. Posted on Dec. 19.

More Podcasts

ACHRNEWS

NEWS 12-15-14 cover

2014 December 15

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

HVAC TECHNICIAN SHORTAGE

In order to bring more people into the trade and produce more technicians, what should the industry do?
View Results Poll Archive

HVACR INDUSTRY STORE

2015.jpg
2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con