The Pension Benefit Guaranty Corporation (PBGC) has proposed a regulation regarding interest rate assumptions in determining a withdrawing employer’s liability to a multiemployer plan, which could have significant implications for the unionized construction industry.
The U.S. Department of Labor has put forth a new test for determining whether someone is an employee or independent contractor under the Fair Labor Standards Act that could tilt the balance in that determination towards employee status.
Price escalation and supply chain disruptions continue to register as the number one issue in construction contracts today. The absence of a price escalation clause is considered a “killer clause” for many general contractors working on private vertical construction. Public owners are taking notice as well.
Future of “Significant Nexus” Test Remains Unclear”
Once consideration of Sen. Joe Manchin’s (D-W.Va.) environmental permitting reform bill was removed from the government funding bill, it easily passed the U.S. Senate and is expected to pass in the House as well.
93 Percent of Construction firms have reported that they are experiencing material shortages and/or allocations.