Study Finds That Participants Will Receive Higher Benefits with a Composite Plan than a Multi-Employer Retirement Plan, and That More Employers are Likely to Participate in the New Model Once Authorized
On May 12, 2020, the Associated General Contractors and other construction contractor groups called on Congress to address the growing multiemployer pension crisis in a letter. While Congress debates the next round of COVID-19 related stimulus legislation to address the unprecedented public health emergency the multiemployer pension crisis has been growing. Construction industry plans account for over half of all multiemployer defined benefit plans and cover nearly four million multiemployer defined benefit participants.
Treasury Department’s Recent Changes to Paycheck Protection Program Loan Guidance Are Making It Even Harder for Firms to Maintain Jobs Amid Declining Private-Sector Demand for Construction
On April 2, the Small Business Administration (SBA) issued an “interim final rule†to the effect that business must have 500 or fewer employees and fall below the SBA’s small business size standards in order to qualify for the Paycheck Protection Program. Congress, however, declared that the program shall be open to all business that have 500 or fewer employees or fall below those standards. Over the weekend, حوإ¼½م½م of America alerted the Trump Administration to the problem, and late last night the U.S. Department of Treasury released new guidance about the Paycheck Protection Program loans that includes the following:
Construction Officials Urge Agency to Make Clear that Firms that Employ 500 or Fewer People to Qualify for Paycheck Protection Program Loans, Regardless of Revenue
Construction Officials Say New Federal Guidance Should Signal to State and Local Officials the Need to Allow Construction Activity to Continue, or Resume, During Coronavirus-Related Work Stoppages
On March 25, the Senate passed, 96-0, H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It is expected to be taken up by the House of Representatives soon. The CARES Act, a $2 trillion economic relief package, is the third in a series of coronavirus related measures Congress has taken up in recent weeks to address the pandemic sweeping the country. This legislation encompasses a host of provisions that will provide construction employers and employees with critically needed access to capital, expedited cash-flow, worker benefit protection, and critical tax relief, among other things. While this bill is appreciated, due to the unparalleled uncertainty this pandemic has brought, حوإ¼½م½م recommended to Congress further measures that must be taken to safeguard the construction industry from the effects of this outbreak.
The حوإ¼½م½م Pipeline The حوإ¼½م½م Pipeline is a publication for حوإ¼½م½م’s Municipal & Utilities Division. It covers legislative and regulatory affairs affecting utilities contractors and excavators, educational and networking opportunities, issue alerts calling members to action, and حوإ¼½م½م advocacy efforts on behalf of contractors engaged in utility construction. Archive | Subscribe