Industry Continues Lobbying for Phase 2 of Pension Reform – Aug 10, 2015
MCAA continues to lobby for Phase 2 of pension reform, even as Congress begins its August recess. Efforts focus on expediting committee hearings, bill drafting and passage by year end of alternate plan design options for multiemployer pension plan trustees. Such plans combine the best features of defined contribution plans for contributing employers-absence of withdrawal liability – while at the same time providing the full benefits of defined benefit plans for employees – lifetime benefits, combined asset management and pooled longevity risk.
Pension Reform Phase 2 Progress is Slow, Steady – July 6, 2015
MCAA is continuing to reach out to lawmakers on key committees in both houses of Congress to help keep the Solutions Not Bailouts proposal for Phase 2 of multiemployer pension reform on track for consideration later this year. Lawmakers are continuing to consider the MCAA and NCCMP coalition proposal to allow multiemployer pension plan trustees more options for restructuring plans to avoid the risks associated with pension plan asset volatility. New plan designs would reallocate that risk more fairly. MCAA is sharing the MCAA/Horizon analysis of Pension Benefit Guaranty Corporation (PBGC) insolvency projections with legislators to make sure any further increases in PBGC insurance premiums keep to a minimum to help pay for PBGC’s new partition authority for orphan beneficiaries in critical and declining plans, but not so steep or sudden as to drive health plans out of PBGC insured defined benefit plans altogether.
Meetings on Fair Pay and Safe Workplaces EO – July 6, 2015
MCAA staff continues to meet with Administration officials and key Congressional Committee staff on the Administration’s Fair Pay and Safe Workplaces Executive Order 13673 to ensure the EO’s procedures are workable for agencies, prime contractors and subcontractors. MCAA and the QCA coalition have proposed a major subcontractor naming approach so that the agency contracting officer and new labor compliance advisor directly evaluates the legal compliance certifications of the prime contractor and all major subs in the original prime contract pre-award responsibility process. This approach will avoid the many pitfalls for both primes and subs that would follow from the proposed regulations’ flow-down evaluation of subs by the primes at the time of subcontract award. MCAA worked with staff of key committees to identify options for improvements in the EO in time for the public comment deadline on the proposed regulations.