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Annual Holiday Toy Drive runs through December 11

Mercer County Executive Brian M. Hughes invites county residents, businesses and civic groups to join Mercer County employees in their annual Holiday Toy Drive. 

Toys can be dropped off at a number of convenient locations around the county, and the Mercer County Park Commission will ensure your gift goes directly to a deserving area child.

“The holidays are upon us, and as you shop for your friends and family, I encourage you to consider adding to your list a gift for a child whose family might be struggling at this time of year,” Mr. Hughes said.

“Even the smallest or simplest item can bring a smile to a child’s face, so let’s make this year’s collection bigger than ever.”

Click here or the flyer for drop-off locations.

For information, call (609) 303-0700.

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Lynn Mason appointed Chief Executive Officer for IVI RMA America

Proven Executive Brings 17 Years of Experience in Scaling Leading Healthcare Businesses

 

 

BASKING RIDGE, N.J. — (BUSINESS WIRE) — IVI RMA America, the North American business of IVI RMA, the largest reproductive medicine group in the world, Wednesday announced the appointment of Lynn Mason as Chief Executive Officer. She will oversee the North American operations as well as growth initiatives in support of bringing better fertility outcomes to more patients across the United States and Canada.

 

“Lynn is a talented, proven leader who has made her mark on the ever-changing healthcare environment by working as a transformative executive in both large and small organizations, delivering quality care and a great patient experience,” said Javier Sanchez Prieto, CEO of IVI RMA. “We’re excited for Lynn’s leadership as we continue to foster a patient-first approach while delivering industry-leading fertility solutions.”

Prior to joining IVI RMA America, Mason served for four years as President and Chief Executive Officer of Broadstep Behavioral Health, a leading provider of behavioral health and supportive living services for children and adults with intellectual and developmental disabilities, mental illness, and co-occurring disorders. During her tenure at Broadstep, the company more than doubled in size in three years, expanding from four to seven states. Earlier in her career, Mason held senior leadership roles with increasing responsibility in healthcare organizations, including ChenMed, Care Services, DaVita Kidney Care and DaVita RX, and United Allergy Services.

 

Mason currently serves on the Boards of Directors of nonprofits Shoes-That-Fit and the American Heart Association-Go Red for Women. She also contributes to primary care and behavioral health by serving on the Board of Directors for ConvenientMD and Stella Behavioral Health and is an active member of the Stanford Women on Boards and The Stanford Black Alumni Association.

 

Mason earned her BSBA degree in Finance and Accounting from Washington University in St. Louis and her MBA from Stanford University’s Graduate School of Business.

 

“IVI RMA has a stellar reputation for the industry’s best outcomes, most innovative R&D platform, and sharpest talent, and I am thrilled and honored to join as CEO for America,” said Mason. “I’m eager to support our physician leaders in expanding our presence and strengthening our culture to make IVI RMA America the natural first choice for patients, physicians, and medical partners.”

 

“The team and I look forward to Lynn bringing a fresh and energized perspective to our business and complementing our scientific leaders,” added Thomas A. Molinaro, M.D., Medical Director, IVI RMA America. “Her experience across multiple channels of healthcare delivery will serve us well as we position the organization for future growth and continued reproductive excellence.”

 

About IVI RMA

IVI RMA is the world’s leading Reproductive Medicine group. It is committed to providing evidence-based fertility solutions with the greatest chance of success in the shortest time necessary to patients seeking treatment anywhere in the world. IVI RMA employs nearly 3,900 people across +150 locations in 14 countries. The group maintains a team of highly trained physicians as well as renowned scientists and researchers, aligned with its vision of pioneering in the field of Reproductive Medicine. Learn more at rmanetwork.com and ivirma.com.

Contacts

Media Contact
Alex Varney

avarney@stantonprm.com
(646) 502-3565

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AM Best affirms Issue Credit Ratings of 321 Henderson Receivables V LLC

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of “aaa” (Exceptional) on the $74,646,000 Class A-1 8.00% Fixed Rate Asset Backed Notes, Series 2008-3 and the $9,389,000 Class A-2 8.00% Fixed Rate Asset Backed Notes, Series 2008-3 as well as the Long-Term IR of “a” (Excellent) on the $4,695,000 Class B 10.00% Fixed Rate Asset Backed Notes, Series 2008-3, issued by 321 Henderson Receivables V LLC (the issuer), a special purpose Nevada limited liability company. The outlook of these Credit Ratings (ratings) is stable.

The issuer was formed for the purpose of acquiring receivables from an affiliate; conducting activities required for maintaining and servicing the receivables; creating trust and/or other entities for the purpose of securitizing the receivables; issuing securities related to the securitization; and organizing other activities incidental to the performance of the aforementioned items.

 

Proceeds from the issuance of the notes, along with contributed equity capital, were used to purchase a pool of structured settlement and annuity receivables (receivables) from an affiliate and to fund the initial reserve requirement. The initial pool of receivables consisted of 1,844 contracts totaling approximately $189.2 million in payment obligations from 107 insurance companies. As of Aug. 31, 2023, the pool of receivables totaled approximately $55.2 million in payment obligations from 60 insurance companies. Nearly all the receivables were pursuant to a court order.

 

The overall rating actions reflect qualitative and quantitative considerations, including the default probabilities that are derived from stochastic modeling that incorporate updates on the Long-Term Issuer Credit Ratings (Long-Term ICRs) of the insurance carriers; the updated financial data; and remaining collateral information, including the reduced payment obligations of Guaranty Association Benefits Company, a not-for-profit captive insurance company formed for making payments to the payees and certificate holders of the liquidated Executive Life Insurance Company of New York. The transaction’s performance, both in terms of note balance paydown and receivable collection are in line with modeled expectations.

 

The ratings and the outlooks could be affected negatively if one or more of the following occurs: a reduction in the remaining scheduled payments; deterioration of the Long-Term ICR of the remaining insurance carriers; an increase in the level of the write-off activity; and a breach in ongoing surveillance or compliance benchmarks. However, the rating and the outlook of the Class B notes could be upgraded if there is significant improvement on the underlying cash flows.

 

These are structured finance ratings.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

David Mautone
Senior Quantitative Specialist

+1 908 882 2098

david.mautone@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Wai Tang
Senior Director
+1 908 882 2388
wai.tang@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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‘Chicken for Linda’ wins 2023 Animation Is Film grand prize

Animation Is Film has announced the 2023 winners of its annual film festival, with “Chicken for Linda!,” directed by Chiara Malta and Sébastien Laudenbach, winning the grand prize.

 

The film also took home the audience award. The special jury prize went to Pablo Berger’s “Robot Dreams.” In the short categories, “Letter to a Pig,” directed by Tal Kantor, won the grand prize. “Wild Summon,” directed by Karni Arieli and Saul Freed, won the special jury prize.

 

The in-competition feature films included “Art College 1994,” “Chicken for Linda!,” “The Concierge,” “Mars Express,” “Phoenix: Reminiscence of Flower,” “Robot Dreams” and “Sirocco and the Kingdom of the Winds and the Summer.”

 

Opening night film “The Boy and the Heron” and closing night film “Chicken Run: Dawn of the Nugget” screened out of competition and were not eligible for prizes.

 

“Chicken for Linda!” follows a mother, Paulette, who goes to extreme lengths to make a meal of chicken and peppers for her daughter, Linda, who requested the meal after Paulette unjustly punished her. The dish reminds her of her father; feeling guilty and dealing with a general strike that shut down stores, Paulette will do anything to get a chicken for Linda. The film comes from the U.S. distributor GKIDS.

 

“With ‘Chicken for Linda,’ Sébastien Laudenbach and Chiara Malta honor the challenges and rewards of being a single parent in a hectic world, employing a visually original artistic style through which lively brush strokes and daubs of color bring relatable human characters (and one very flustered chicken) to vibrant life,” the jury said in a statement.

 

“Robot Dreams,” which will be released by Neon, is based on Sara Varon’s graphic novel. The film tracks “the adventures and misfortunes of Dog and Robot in NYC during the ’80s.”

 

“In a poignant mix of humor and pathos, director Pablo Berger adapts Sara Varon’s graphic novel, showing how people and places shape our lives, while paying homage to New York City in the 1980s,” the jury said of “Robot Dreams.” “That he conveys this through pantomime and animation, without using dialogue, is all the more remarkable.”

 

For more information on the festival, which ran from Oct. 18-22 at the TCL Chinese 6 Theatres in Hollywood, visit animationisfilm.com.

 

 

— Variety

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Amerigroup’s New Jersey Health Plan to be renamed Wellpoint in January 2024

  • No impact or changes to members’ health plan benefits, services, and care provider network as a result of the new name
  • New name reflects the company’s continued evolution to deliver whole health
  • Wellpoint is focused on improving the health of individuals and communities at all points of life

 

 

ISELIN, N.J. — (BUSINESS WIRE) — Amerigroup New Jersey, Inc., a subsidiary of Elevance Health serving NJ FamilyCare/ Medicaid and Medicare enrollees, will begin rebranding as Wellpoint in January 2024 to reflect the company’s evolution to support whole health.

 

There will be no impact or changes to Wellpoint members’ healthcare benefits or coverage. Members will continue to have access to their established primary care providers, specialists, hospitals, and other healthcare facilities. Also, healthcare providers who serve Wellpoint members will have continued access to tools and resources to help streamline day-to-day administrative tasks.

 

“This rebranding is a continuation of our bold and ambitious purpose to improve the health of humanity by serving people across their entire health journey; connecting them to care, support and resources; and simplifying healthcare to make health more equitable and accessible,” said Patrick Fox, MD, president of Amerigroup New Jersey. “Our local presence enables us to design our benefits and programs to fit the unique needs of New Jersey communities. Wellpoint is a name that illustrates our dedication to being a lifetime, trusted health partner with a mission to help people live well across all life points.”

 

Wellpoint’s suite of health benefits is designed for consumers at any stage of life offering access to simple, supportive health solutions to help foster whole health. In addition, Wellpoint plans are committed to helping individuals improve their health through Healthy Reward incentives for wellness visits and added benefits such as gift cards for completing health screenings, newborn supplies for new mothers, and resources to support emotional well-being.

 

Subject to state regulator approval, new ID cards with the Wellpoint brand will be mailed in early 2024. Members can continue using their current card to access all existing services until they receive their new card. New Jersey members who have questions can contact Member Services via the phone number on the back of their ID card.

 

For member and provider information and updates, please visit www.wellpoint.com.

 

About Wellpoint

Wellpoint, part of the Elevance Health family of brands, focuses on improving physical health as well as the behavioral and social drivers that impact it through a comprehensive suite of Medicare, Medicaid, and Commercial products. The Wellpoint companies offer healthcare services for consumers at any stage of life seeking to make the right care decisions and helps individuals and communities make real, positive progress with health plans that foster independence, confidence, and whole-person health. For more information, please visit www.wellpoint.com.

Contacts

Stephanie DuBois

(603) 722-3087

stephanie.dubois@anthem.com

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Mercer County partners with SBDC for first International Trade Week to start Monday

The Mercer County Office of Economic Development in collaboration with the N.J. Small Business Development Center (SBDC) at The College of New Jersey is excited to announce the first International Trade Week in Mercer County.

The event, scheduled for next week, Oct. 16 to 19, is open to anyone interested in launching a global business or who is currently involved in international trade.

The program will include several webinars on a variety of topics with experts from the U.S. Department of Commerce, the SBDC, the New Jersey State Trade Expansion Program (STEP) and the Mercer County Office of Economic Development.

Discover Federal and State resources for supporting your business in international markets, including grants and other financial incentives, and learn about Mercer County’s Foreign Trade Zone and its business advantages.

Please find below a program outline with registration information including a Spanish language option. There is no cost for all events.

  • Day 1, Monday, October 16, 2023
  • Time: 12-1 p.m. (English); 2-3 p.m. (Spanish)
  • Location: Online

Do you have what it takes to go global?

In this webinar, we discuss the principal considerations before you set out to explore new markets. Don’t invest time and money until you are ready. Topics include commitment to succeed, market considerations, building a team, and evaluating product readiness. Registration link: https://clients.njsbdc.com/workshop.aspx?ekey=21430080

¿Tiene lo necesario para globalizarse?

En este seminario web, analizamos las principales consideraciones antes de emprender la exploración de nuevos mercados internacionales. No inviertas tiempo y dinero hasta que estés listo. Los temas incluyen Compromiso para tener éxito, consideraciones de mercado, formación de un equipo y evaluación de la preparación del producto. Registration link:  https://clients.njsbdc.com/workshop.aspx?ekey=21430081

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Nissan Foundation seeks grantees for the 2024 grant cycle

  • Since 1992, the Nissan Foundation has awarded more than $15 million to more than 150 nonprofit organizations committed to promoting cultural awareness and understanding
  • The Nissan Foundation launched its 2024 grant cycle and is accepting Letters of Intent until November 3, 2023
  • Earlier this year, the Nissan Foundation awarded more than $1 million in its annual grant cycle for the first time

 

NASHVILLE, Tenn. — (BUSINESS WIRE) — The Nissan Foundation is launching its search for grantees for the 2024 grant cycle by accepting Letters of Intent. All Letters of Intent must be received by 9 p.m. ET on Friday, November 3, 2023, with new Foundation grantees announced in June 2024.

The 2023 grantees received a total of $1.2 million. They included museums, public television stations, libraries and other nonprofits, and promoted the many benefits that diversity brings to society.

To be eligible to apply for grants, non-profits with 501(c)3 status must have programs that align with the mission of the Foundation and be based in one of seven areas where Nissan has a significant operational presence: Atlanta metro, Central Mississippi, Dallas/Ft. Worth metroplex, Middle Tennessee, New York City/North Central New Jersey, Southeast Michigan, or Southern California. Consideration will be given to projects that occur between July 1, 2024, and June 30, 2025.

 

“The Nissan Foundation makes a difference by supporting creative and engaging non-profit organizations that strive to enrich lives and increase understanding in communities where Nissan operates, and where our employees live and raise their families,” said Ali Tonn, executive director of the Nissan Foundation. “We encourage submission of Letters of Intent for initiatives, programs, events and experiences that value diversity, educate and enlighten audiences, and motivate cultural awareness and change.”

 

About the Nissan Foundation

The Nissan Foundation was established in 1992 in the wake of the Rodney King trial verdict in Los Angeles. At that time, Nissan’s U.S. headquarters was based just blocks from the epicenter of the resulting riots.

 

The mission of the Nissan Foundation is to build community by valuing cultural diversity. In its 31-year history, the organization has contributed more than $15 million to more than 150 nonprofits throughout the U.S., in support of this mission.

 

For more information about the Nissan Foundation and its annual grantee application process, visit the Nissan Foundation webpage.

 

For more information about our products, services and commitment to sustainable mobility, visit
nissanusa.com. You can also follow us on Facebook, Instagram, Twitter and LinkedIn and see all our latest videos on YouTube.

Contacts

Andrea Ewin Turner

Corporate Communications

(629) 543-2537

Andrea.Turner@nissan-usa.com

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Gannett and Jackpocket announce exclusive agreement

Jackpocket to serve as the official digital lottery courier of the USA TODAY Network

 

MCLEAN, Va. — (BUSINESS WIRE) — Gannett Co., Inc. (NYSE: GCI) and the USA TODAY Network on Monday announced a multi-year agreement to become the official media partner of Jackpocket, America’s #1 lottery app*. As the exclusive digital lottery courier of the USA TODAY Network, Jackpocket will reach a broad audience across the country and provide a fun and convenient way for the USA TODAY Network audience to order lottery tickets – right from their phones.

“Partnering with Jackpocket as Gannett’s official digital lottery courier will leverage the synergies between our mutual audiences including our 45 million engaged sports fans,” said Kate Gutman, Gannett Senior Vice President of Content Ventures. “Given our reach and authority across the U.S., we hope to introduce Jackpocket as a simple and fun way to order official state lottery tickets from the comfort of home or on a device.”

 

Jackpocket will be integrated into lottery content across the USA TODAY Network including USA TODAY and local publications such as AZCentral.com, Northjersey.com and Statesman.com. Jackpocket will also be the exclusive launch sponsor for the USA TODAY Network’s lottery hub at usatoday.com/lottery.

 

“Jackpocket is thrilled to become the official Digital Lottery Courier of the USA TODAY Network,” said Peter Sullivan, Jackpocket founder and CEO. “This partnership signifies a pivotal moment in our mission to bring a convenient lottery experience to everyone. We’re excited to introduce Jackpocket to Gannett’s dedicated national audience, making the lottery more accessible and enjoyable for all.”

 

*According to data from AppFollow

 

ABOUT GANNETT

Gannett Co., Inc. (NYSE: GCI) is a subscription-led and digitally-focused media and marketing solutions company committed to empowering communities to thrive. With an unmatched reach at the national and local level, Gannett touches the lives of millions with our Pulitzer Prize-winning content, consumer experiences and benefits, and advertiser products and services. Our current portfolio of media assets includes USA TODAY, local media organizations in 43 states in the U.S., and Newsquest, a wholly owned subsidiary operating in the United Kingdom with more than 150 local news media brands. Gannett also owns digital marketing services companies branded LocaliQ, and runs one of the largest media-owned events business in the U.S., USA TODAY NETWORK Ventures. To connect with us, visit www.gannett.com.

 

ABOUT JACKPOCKET

Jackpocket is on a mission to create a more convenient, fun, and responsible way to take part in the lottery. The first licensed third-party lottery courier app in the United States, Jackpocket provides an easy, secure way to order official state lottery tickets. Jackpocket is currently available in Arizona, Arkansas, Colorado, Idaho, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oregon, Texas, Washington D.C., and West Virginia, and is expanding to many new markets. Download the app on iOS and Android or participate via desktop. Follow along on Facebook, Twitter, and Instagram.

 

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that relate to our current expectations and views of future events. All statements other than statements of historical facts contained in this press release, including statements relating to whether the transaction will drive Jackpocket’s or Gannett’s revenue and cash flow growth, result in or be able to leverage any synergies or be accretive to Jackpocket’s or Gannett’s revenue, are all forward looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “could,” “will,” “would,” “ongoing,” “future” or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance, or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. For a discussion of some of the risks and important factors that could cause actual results to differ materially from our expectations, see the risks and other factors detailed in Gannett’s 2021 Annual Report on Form 10-K and Gannett’s quarterly reports on Form 10-Q and each of Gannett’s other filings with the SEC, in each case as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Gannett disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

Contacts

Lark-Marie Anton

Gannett

Chief Communications Officer

(646) 906-4087

lark@gannett.com

Lauren Hovey

Jackpocket

Senior Vice President

(330) 819-2145

Lauren.hovey@clyde.us

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Hot Wheels Monster Trucks LIVE ‘Glow Party’ on sale!

Hot Wheels Monster Trucks Live™ Glow Party™

lights up Trenton, Feb. 9-11, 2024

Worldwide Tour Rolls into CURE Insurance Arena with a Thrilling Experience for the Whole Family!

Tickets On Sale Friday, Sept. 8, 2023!

Tickets and event information are available at Ticketmaster.com and www.hotwheelsmonstertruckslive.com.

Tickets are subject to convenience and facility fees.

Fans of all ages will experience the thrill of watching their favorite Hot Wheels Monster Trucks in the DARK! This one-of-a-kind show will visit the CURE Insurance Arena from Feb. 9-11, 2024 for four epic performances!

Show times are as follows:

Friday, Feb. 9, 7:30 PM/VIP, 4:30 p.m./Crash Zone, 5 p.m. – 6:15 p.m.

Saturday, Feb. 10, 12:00PM/VIP, 9 a.m./Crash Zone, 9:30 a.m. – 10:45 a.m.

Saturday, Feb. 10, 7 p.m./ VIP, 4:30 p.m./Crash Zone, 4 p.m. – 5:45 p.m.

Sunday, Feb. 11, 12 p.m./VIP, 9 a.m./Crash Zone, 9:30 a.m. -1 0:45 a.m.

Hot Wheels Monster Trucks Live Glow Party brings fans’ favorite Hot Wheels Monster Trucks to life including Mega Wrex™, Tiger Shark™, Demo Derby™, Bone Shaker™, Bigfoot®, Gunkster™, and introducing the brand new HW 5-Alarm™, the firetruck hero of Hot Wheels Monster Trucks! The Glow Party production features a laser light show, spectacular theatrical effects, dance parties, and Hot Wheels toy giveaways. Fans can also witness a special appearance from a transforming robot, plus the high-flyers of Hot Wheels Monster Trucks Live Freestyle Motocross Team and the electrifying high-flyers of Hot Wheels Monster Trucks Live, Freestyle Motocross! Special kids pricing is available for all shows providing a BIG value for the whole family! See the Hot Wheels Monster Trucks up close and personal, exclusively guided by the hosts of Hot Wheels Monster Trucks Live in the pre-show VIP Backstage Tour! Experience what happens behind the scenes before all of the smashing and crashing goes down and then watch when the Hot Wheels Monster Trucks come to life. Each pass includes a VIP merchandise bundle exclusive to VIP Experience attendees! Passes are available to purchase while supplies last by adding them on to the ticket order at time of purchase.

The exciting Crash Zone Pre-Show Party will be held 2-1/2 hours before every performance. The unique experience provides fans access to the competition floor to see the outrageous designs and epic size of the Hot Wheels Monster Trucks, plus meet the drivers and get their autographs! Passes will be available to purchase while supplies last by adding them on to the ticket order at time of purchase.

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Southwest Ohio Carpenters plan will restore benefits through receipt of Special Financial Assistance

WASHINGTON, D.C. — The Pension Benefit Guaranty Corporation (PBGC) announced Friday that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the Southwest Ohio Regional Council of Carpenters Pension Plan (Southwest Ohio Carpenters Plan).

The plan, based in Monroe, Ohio, covers 5,399 participants in the construction industry.

On April 1, 2019, the Southwest Ohio Carpenters Plan implemented a benefit suspension under the terms of the Multi-employer Pension Reform Act of 2014 (MPRA) in order to address the plan’s troubled financial condition at that time and its projected insolvency. The plan reduced benefits of about 4,300 plan participants. On average, affected participants’ benefits were reduced by 18 percent.

PBGC’s approval of the SFA application enables the plan to restore benefits suspended under the terms of MPRA and to make payments to retirees to cover prior benefit suspensions. SFA will enable the plan to pay retirement benefits without reduction for many years into the future. The plan will receive $182.6 million in SFA, including interest to the expected date of payment to the plan.

“Millions of people work for years, looking forward to the day when the promise of a secure, dignified retirement is kept,” said Acting Secretary of Labor Julie A. Su.

“Today, the Biden-Harris administration is delivering on that promise for 5,399 construction workers across Ohio, Kentucky and Indiana by providing Special Financial Assistance to the Southwest Ohio Regional Council of Carpenters Pension Plan so that they can retire with the dignity they deserve.”

About the Special Financial Assistance Program

The SFA Program was enacted as part of the American Rescue Plan (ARP) Act of 2021. The program provides funding to severely underfunded multi-employer pension plans and will ensure that millions of America’s workers, retirees, and their families receive the pension benefits they earned.

The SFA Program requires plans to demonstrate eligibility for SFA and to calculate the amount of assistance pursuant to ARP and PBGC’s regulations. SFA and earnings thereon must be segregated from other plan assets and may be used only to pay plan benefits and administrative expenses. Plans are not obligated to repay SFA to PBGC. Plans receiving SFA are also subject to certain terms, conditions and reporting requirements, including an annual statement documenting compliance with the terms and conditions. PBGC is authorized to conduct periodic audits of multi-employer plans that receive SFA.

As of Aug. 15, 2023, PBGC has approved nearly $52.4 billion in SFA to plans that cover over 756,000 workers, retirees, and beneficiaries.

The SFA Program operates under a final rule, published in the Federal Register on July 8, 2022, which became effective Aug. 8, 2022, and was amended effective Jan. 26, 2023.

About PBGC

PBGC protects the retirement security of over 33 million American workers, retirees, and beneficiaries in both single-employer and multiemployer private sector pension plans. The agency’s two insurance programs are legally separate and operationally and financially independent. PBGC is directly responsible for the benefits of more than 1.5 million participants and beneficiaries in failed single-employer pension plans. The Single-Employer Program is financed by insurance premiums, investment income, and assets and recoveries from failed single-employer plans. The Multi-employer Program is financed by insurance premiums. Special financial assistance for financially troubled multi-employer plans is financed by general taxpayer monies.