Multiemployer Pension Reform Act of 2014

On December 13, 2014, Congress passed the Multiemployer Pension Reform Act of 2014 (MPRA) as part of the federal spending "cromnibus" bill, the Consolidated and Further Continuing Appropriations Act. The bill was introduced by Rep. George Miller (D-Calif.) and Minnesota Rep. John Kline (R-Minn.). AGC of America and AGC of Minnesota worked with Representative Kline on some of the important features of multiemployer pensions and what changes were most needed.

 

The new law will assist some underfunded multiemployer pension plans by allowing trustees the option to reduce vested benefits to prevent plans from becoming insolvent and will also increase insurance premiums to shore up the Pension Benefit Guaranty Corporation (PBGC). The law states that plans in "critical and declining status" can temporarily or permanently suspend current and future benefits. This suspension can include benefits already accrued for vested participants and benefits already being paid to retirees.

 

PBGC premiums for the multiemployer pensions will also increase. For plan years beginning after December 31, 2014, the premium is increased to $26 per participant, up from $12 in 2014. For subsequent plan years, the amount will be indexed. The law repeals the PPA's funding rule sunset date of December 31, 2014.

 

The changes in the new law follow the business and labor plan entitled "Solutions not Bailouts," authored by the National Coordinating Committee for Multiemployer Plans.

 

There are other changes to the law. A complete summary of the changes will be posted on the AGC website.

Multiemployer Pension Reform Act Webinar

AGC of America has scheduled a webinar on January 20, 2:00 - 3:30 PM ET, which will provide an overview of the Multiemployer Pension Reform Act of 2014 and include time for Q&A. Presenters will include Cary Franklin, Horizon Actuarial Services, and John (Rocky) Miller, Cox, Castle & Nicholson. Registration information will be available soon at www.agc.org.

Financing for Iron Range Wastewater Plant Demos

The Central Iron Range Sanitary Sewer District Board approved a loan from the Minnesota Public Facilities Authority to fund the demolition of the former Chisholm and Buhl wastewater treatment plants.

2015 AGC of Minnesota Member Directory Advertising Opportunity Is Ending Soon

Sales are coming to a close for our 2015 print and digital member directory. Naylor is now accepting final space reservations in what will be one of our members' top resources in 2015. Space reservations are due by Monday, January 5, and ad materials will be due Wednesday, January 7.

 

AGC Minnesota members perform 80% of the construction in Minnesota and work on projects worth billions of dollars every year. Because our industry continues to grow, we believe now is the perfect time to tell decision makers in our $6+ billion industry about your business's quality products or services. For more information, visit http://www.naylornetwork.com/webkits/PDFs/amn.pdf to view our full media kit and rate card or contact Will Worley at 352-333-3495 or [email protected].

Understanding Financial Documents Seminar

Purchase orders, leasing of equipment, electronic fund transfers, and checking accounts. Discussing these topics probably sounds dry to many, but not if your company wants to keep profits rather than give them away. Understanding these important business principles is an essential business management tool that will help maintain your firm's financial viability. Time spent at this January 6 breakfast seminar will be an investment in your future. Register here.

Annual Meeting

The AGC of Minnesota Annual Meeting, open to all employees of member companies, will be held Thursday, January 15, at the Minneapolis Marriott Southwest. This is your association's most important event of the year and all member companies are encouraged to attend. Information about the day, including details of education sessions, sponsorship opportunities, and how to register, are available here.

Exhibitor Showcase

STP Classes

Supervisory Training Program (STP) classes for January - February will begin the week of January 19. Information is available here.

Succession Planning Seminar

Do you know exactly what will happen to your business after you sell it, retire, or pass away? Are you comfortable with that outcome? If you haven't given much thought to these questions, maybe now, with a new year beginning, would be a good time to focus on this critical area of your business. You, and your business advisors, are invited to attend a breakfast seminar on January 20 to learn more about the steps you should be taking now to insure a smooth, successful transition. Details and registration are available here.

Construction Leadership Council (CLC) Annual Bowling Event

2015 Sponsorship Opportunities

Information about the variety of ways your firm can support AGC of Minnesota in 2015, from the Annual Meeting to the Holiday Reception, is available here.

Safety Products

Through its on-line bookstore, AGC of America offers monthly featured products, available at a discount to AGC members. A link to the bookstore is available through our home page, www.agcmn.org, or at http://store.agc.org?AffiliateId=AGCO254.

 

These items are available during the month of December at a 20% discount plus FREE shipping using coupon code Safety20.

Associated General Contractors of Minnesota | | [email protected] | http://www.agcmn.org
525 Park Street, Suite 110
St. Paul, MN 55103

651-632-8929