WASHINGTON, D.C. – The Association of Union Constructors is pressing Congress for multiemployer pension plan funding relief in response to the recent dramatic stock market volatility, which is causing many mature plans to quickly move from “green zone” or “yellow zone” to “red zone” status. Congress’ inaction is seriously jeopardizing pension plan participants, beneficiaries and contributing employers.
The Association of Union Constructors endorses a one-year freeze on certifications of a pension plan’s funding status, as well as a three-year extension of remedial funding improvement plans from 10 to 13 years.
We need you to e-mail your Congressional representatives and demand immediate action! Go to www.senate.gov and www.house.gov — each Web site allows you to search for your representative by typing in your zip code.
For your convenience, we are including the following language for you to copy and paste into the e-mail to your representatives (make sure to add your name at the bottom):
“Dear Elected Official: Please support short-term emergency relief for pension plans (H.R. 6382) when you return to Congress in December. We are not asking for government money; just time – a short time – to work out of this serious problem.
The stability of multiemployer pension plans and employment in the union construction industry is in severe jeopardy. Individual pensioners and their employers and pension plan sponsors will face steep funding shortfalls, steep funding assessments and parallel benefits cuts, jeopardizing employment stability if Congress does not act before the funding assessment process begins in January.
The union construction industry in your voting district needs your action on this dire problem this December. Waiting until the new Congress convenes will be very detrimental to the stability of our industry.
Signed, ___________, The Association of Union Constructors”