The nation's multiemployer defined benefit pension plans have provided a secure retirement to America's working families for generations.
The NECA-supported Multiemployer Pension Reform Act of 2014 (MPRA) included several major reforms and brought about a joint effort between management and labor. Unfortunately, the law did not include the important recommendation of creating "composite" benefit plans which are a hybrid between a defined contribution and a defined benefit plan. Allowing plans to transition to composite plan designs is necessary to provide a retirement security benefit for the electrical construction industry's workers and the fiscal viability of employers that contribute to NECA multiemployer pension plans.
Tell your Member of Congress and Senators you support allowing the option of Composite Plans today!