National Electrical Contractors Association Statement on White House Discussing US Multiemployer Retirement System Bailout Act

0

WASHINGTON, July 6, 2022 /PRNewswire/ — The National Electrical Contractors Association (NECA) released the following statement during President Biden’s visit Cleveland, Ohio, to discuss the impact of the American Rescue Plan Act (ARPA) on the multi-employer pension system. NECA attended the event represented by the Director of Government Affairs Jared Karbowsky and Executive Director of the Greater Cleveland Chapter Tom Shreves.

NECA would like to thank the Biden Administration and Congress for enacting ARPA in March 2021. The law included the Butch-Lewis Emergency Pension Assistance Act of 2021. The provisions have stabilized troubled plans, protected the hard-earned savings of more than a million workers and retirees, and prevented the closure of tens of thousands of businesses. Without this relief, the entire multi-employer pension system was in danger of collapsing, and hundreds of NECA-IBEW schemes covering thousands of participants could have lost their pensions.

NECA remains ready to work with President Biden and the administration, Senator Sherrod Brown (D-OH), and all members of Congress on sustainable reforms to the multi-employer pension system to ensure the health and stability of pension plans in the future.

ABOUT THE NATIONAL ASSOCIATION OF ELECTRICAL CONTRACTORS

NECA is the voice of $202 billion the electrical construction industry that brings power, light and communication technologies to buildings and communities across United States. NECA’s national office and 118 local chapters advance the industry through advocacy, education, research and standards development. Visit www.necanet.org for more information.

SOURCE National Association of Electrical Contractors

Share.

Comments are closed.