Single-employer and multi-employer pension plans that suffered losses when financial markets plunged in 2008 and 2009 have gained some relief under legislation enacted on June 25. The measure allows multi-employer plans, which affect unionized workers and companies in construction, to spread 2008-2009 investment losses over 30 years, instead of 15 years. The pension provisions moved to enactment when lawmakers shifted them from a stalled package of tax-break extensions to a bill that temporarily halts a cut in Medicare payments to physicians. It was the Medicare-pensions bill that President Obama signed. Meanwhile, the tax “extenders” bill was blocked in the Senate
Despite a faltering international market, 2015 and the beginning of 2016 are proving to be strong years for U.S. contractors, with steady domestic growth and only moderate strain from workforce shortages.