Bipartisan multiemployer hybrid plan bill introduced in House
Pensions and Investments. By Hazel Bradford
Multiemployer pension plan sponsorswould have a new hybrid option combining defined benefit and defined contribution features under bipartisan legislatin introduced late Tuesday in the house of Represnetatives...
...Reps. Phile Roe, R-Tenn., and Donald Norcross, D-N.J., introduced HR 4997, the Give Retirement Options to Workers (GROW) Act, that would allow sponsors to create the composite plans. The idea is part of an effort in congress to address strugglin multiemployer plans, including proposals to create a federal loan program...
...Mr. Norcross, a former multiemplyer plan participant and negotiator, said in that "workers deserve a safe, secure retirement and, at the same time, employers deserve predicatability and flexibility without excess liability."