Construction Official Urges Congress to Pass GROW Act, Say Measure's Sponsors Understand Measure is Needed to Help Expand Retirement Plan Participation as Sector Expands
Wednesday, February 14, 2018 - The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, released the following statement in reaction to the introduction of H.R. 4997, the Giving Retirement Options to Workers Act of 2018, or GROW Act for short by Congressmen Phil Roe and Donald Norcross:
"This new Congressional proposal provides attractive new options for many firms that are looking to offer good retirement benefits without incurring the liability that comes with traditional defined benefit plans. Congressmen Roe and Norcross appreciate that without substantial reforms like the kinds outlined in their proposal, new firms will remain very reluctant to participate in multi-employer retirement plans, putting a retirement model that currently benefits millions of workers at substantial long-term risk.
"Offering employers more attractive multi-employer retirement options like the kind permitted in this proposal will bring stable, sustainable, and comfortable retirement benefits to many more employees than the current system supports. That is why the Associated General Contractors of America is committed to working aggressively to encourage members of Congress to vote on and approve this measure as quickly as possible."