The Congress-passed $1.9 trillion COVID-relief bill contains multiemployer pension plan provisions of interest to contributing construction contractors including specific COVID related provisions and funding relief for eligible plans. The COVID related pension provisions are intended to provide plans relief to plans that were impacted by COVID with investment losses or contribution losses. Meanwhile the bill provides significant multiemployer pension relief through a Special Financial Assistance Program by providing a one-time lump sum payment to eligible plans to pay all benefits through 2051 (30 years) with no expectation of repayment. It is estimated there are about 100 critical and declining plans, some critical plans and a few endangered plans in the construction industry that could be eligible for some relief. Starting in 2031 PBGC premiums would be increased to $52/year and indexed for inflation every year after for all plans and participants. Premiums are currently scheduled to be about $43 in 2031 because of indexing.

Employee Retention Tax Credit, Paid Leave Tax Credit & More

Short Answer: It’s Not Clear

$250,000 Construction Advocacy Fund Campaign Helped Keep Vote Close

Democrats’ Vote in Favor of the PRO Act Will Hurt Workers and Undermine the Economic Recovery, Top Construction Industry Official Says, Urges Senate to Reject Measure Before it Harms the Economy

Late last week, the Associated General Contractors of America (AGC) continued its campaign to persuade the U.S. Small Business Administration (SBA) to change the way it decides whether to forgive Paycheck Protection Program (PPP) loans of over $2M. The specific target of AGC’s campaign is a Loan Necessity Questionnaire that has greatly surprised and frustrated the borrowers of such loans, as they now seek forgiveness of them.

As construction continues to be an essential industry in helping our nation’s economic recovery, firms are fighting the growing workforce shortage and looking to recruit more women than ever before. Women are making an impact in the industry by bringing new skill sets, opinions, and experiences into the office and the field – and a diverse workforce leads to stronger companies. Yes, there are certainly challenges. But perceptions and cultures are changing. During “Women in Construction Week 2021 (March 7-13, 2021),” AGC’s ConstructorCast celebrates the successes and talks about what women have done to further the industry.

Private Nonresidential Market Shrinks 10 Percent Since January 2020 with Declines in All 11 Segments; Growing Cancellations, Proposed Labor Law Change Threaten to Harm Employers and Workers Alike

Association Officials Urge Congress and Biden Administration to Focus on New Infrastructure Funding, Address Rising Materials Prices and Avoid Disruptive Measures like the PRO Act to Stem Sector Job Losses