FinCEN Joins Public-Private Partnership to Combat Fraud and Scams Impacting Innocent Americans
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has joined a multi-sector national task force dedicated to the prevention of fraud and scams. The National Task Force on Fraud and Scam Prevention, convened by the Aspen Institute’s Financial Security Program, brings together key stakeholders including the financial services sector, technology companies, consumer advocacy groups, information sharing and analysis centers, and federal government agencies to develop a comprehensive national strategy for combating fraud and scams.
News Release: https://www.fincen.gov/news/news-releases/fincen-joins-public-private-partnership-combat-fraud-and-scams-impacting
The Week Ahead: Happy Thanksgiving!
Thanksgiving is Thursday, November 28!
It's the perfect time of year to thank you for exploring Census Bureau data with us. Enjoy Thanksgiving-related fun facts courtesy of our Statistics in Schools team.
Explore
Holidays and Observances
The 2024 Winter Holiday Season has nearly arrived!Coming Soon
International Population Estimates and Projections
On Tuesday, November 26, the Census Bureau will release new population estimates, projections, and other demographic data up to the year 2100 for 34 countries and areas in the International Database (IDB).
The IDB consists of estimates and projections of demographic indicators, including population size and growth (by sex and single year of age up to 100-plus) and components of change (mortality, fertility and net international migration) for more than 220 countries and areas. The Census Bureau periodically updates the IDB as new data become available.
Databas
Have You Started Your Holiday Shopping?
The biggest shopping days of the year are almost here!
Ahead of Black Friday, Small Business Saturday, and Cyber Monday, explore year-over-year retail sales in your state by sector with our interactive data visualization.
Data Viz
Data.census.gov Survey
Help shape the future of data.census.gov. Your feedback is important to our work. Take our quick survey.
Take Survey
In Case You Missed It
Every two years, we partner with AmeriCorps to conduct a comprehensive survey of civic engagement across the United States and over time.
New research suggests that Americans continue to help each other both formally and informally, online or in person, in the wake of COVID-19.
Learn more about the pulse of our nation’s civic health on America Counts.
Read More
Help us spread the word about Census Bureau data!
Share this on social media or forward it to a friend.
Share This
Upcoming Census Academy WebinarsDecember 5: 2019-2023 American Community Survey 5-Year Estimates Pre-Release Webinar
December 16: Methodology Updates for the Vintage 2024 Estimates
More Webinars
Economic Indicators
Tuesday: New Residential Sales
Tuesday: Preliminary U.S. Imports for Consumption of Steel Products
Wednesday: Advance Report on Durable Goods – Manufacturers' Shipments, Inventories, and Orders
Wednesday: Advance Economic Indicators Report (International Trade, Retail, and Wholesale)
Economic Indicators
About the Census Bureau
We serve as the nation’s leading provider of quality data about its people and economy. The Census Bureau is the federal government's largest statistical agency. As the world’s premier statistical agency, we are dedicated to making our nation a better place. Policy-makers, businesses, and the public use our data to make informed decisions.
Stay connected with us!
Join the conversation on social media.
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Update to OFAC's list of Specially Designated Nationals (SDN) and Blocked Persons
The SDN list has recently been updated. Please visit this page to access the latest version of the SDN list. Check this page periodically as it may also be updated if a new list-related format or product is offered.
Please visit this link for more information on today's update.
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How long will your smart device get software updates? It’s hard to know
Smart devices are everywhere. Devices track our health and fitness, control our lights and thermostats, and keep an eye on our homes and pets. We pay a premium for the smart features and functionality of these products. But what happens if the manufacturer stops updating the software that makes them “smart”?
Read more >
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Treasury Targets Cartel-Enabled Illegal, Unreported, and Unregulated Fishing Operations
11/26/2024
U.S. Department of the Treasury
Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE
November 26, 2024
Contact: Treasury Public Affairs; Press@Treasury.gov
Treasury Targets Cartel-Enabled Illegal, Unreported, and Unregulated Fishing Operations
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning five Mexican individuals associated with the Gulf Cartel, one of Mexico’s most dangerous criminal organizations. Those designated today are tied to the Gulf Cartel’s involvement in criminal activities associated with illegal, unreported, and unregulated (IUU) fishing, human smuggling, and narcotics trafficking in the Gulf of Mexico. IUU fishing often involves criminal activity, forced labor, and human rights abuses, and is often a revenue stream for criminal organizations. IUU fishing is also a threat to U.S. maritime security, as criminal organizations may use the same vessels for smuggling narcotics and humans across borders.
“Today’s action highlights how transnational criminal organizations like the Gulf Cartel rely on a variety of illicit schemes like IUU fishing to fund their operations, along with narcotics trafficking and human smuggling,” said Acting Under Secretary for Terrorism and Financial Intelligence Bradley T. Smith. “Treasury, as part of a whole-of-government approach to combatting transnational criminal organizations, remains committed to disrupting these networks and restricting these groups’ ability to profit from these activities.”
Today’s sanctions are the result of strong collaboration with the U.S. Coast Guard, Homeland Security Investigations, and the Drug Enforcement Administration. This action was also coordinated closely with La Unidad de Inteligencia Financiera (UIF), Mexico’s Financial Intelligence Unit.
HARMFUL IMPACTS OF IUU FISHING
The U.S. Department of the Treasury is a member of the U.S. Interagency Working Group on IUU Fishing, which was established by the Maritime Securities and Fisheries Enforcement (SAFE) Act and is the primary mechanism for coordination of counter-IUU fishing actions across the U.S. government. On June 27, 2022, President Biden issued the National Security Memorandum on Combating Illegal, Unreported, and Unregulated Fishing and Associated Labor Abuses, which notes that IUU fishing and related harmful fishing practices are among the greatest threats to ocean health and are significant causes of global overfishing, contributing to the collapse or decline of fisheries that are critical to the economic growth, food systems, and ecosystems of numerous countries around the world.
CRIMINAL OPERATIONS OF MEXICO’S GULF CARTEL
The Gulf Cartel is a long-standing, powerful drug trafficking organization that operates throughout Tamaulipas State, Mexico. The Gulf Cartel has moved arms, drugs, and migrants into the United States, and was responsible for the kidnapping and murder of American citizens in March 2023.
On December 15, 2021, OFAC designated the Gulf Cartel pursuant to Executive Order 14059 (E.O. 14059) for having engaged in, or attempted to engage in, activities or transactions that have materially contributed to, or pose a significant risk of materially contributing to, the international proliferation of illicit drugs or their means of production. OFAC had previously sanctioned the Gulf Cartel as a significant foreign narcotics trafficker pursuant to the Kingpin Act in 2007.
EXPOSING THE GULF CARTEL’S ILLICIT LANCHA OPERATIONS
The Gulf Cartel engages in the illicit trade of red snapper and shark species through “lancha” operations based out of Playa Bagdad, also known as Playa Costa Azul, a beach located several miles south of the U.S. border. Lanchas are light, fast-moving boats utilized by Mexican fishermen that are generally between 20 to 30 feet long. Apart from their use for IUU fishing in U.S. waters, lanchas are also used to move illicit drugs and migrants into the United States.
As the fishing of red snapper and shark species is under strict limits in the United States, and therefore those species are more abundant in U.S. waters, Mexican fishermen cross into U.S. waters to fish via these lanchas. They then bring their catch back to lancha camps into Mexico, where the product is ultimately sold and, oftentimes, exported into the United States. This activity earns millions a year for lancha camps. In addition, it also leads to the death of other marine species that are inadvertently caught.
Ismael Guerra Salinas (a.k.a. Mayelo) and his brother Omar Guerra Salinas (a.k.a. Samorano) are the Gulf Cartel members in charge of Playa Bagdad. Beyond overseeing IUU fishing, Mayelo and Samorano manage drug trafficking operations on Playa Bagdad. Mayelo has also facilitated human smuggling conducted via these lanchas, in which the individuals are kept hidden for transport across the Rio Grande River. In addition, Francisco Javier Sierra Angulo (a.k.a. El Borrado) currently leads the Gulf Cartel in Matamoros, Tamaulipas, Mexico. El Borrado was previously in charge of the Valle Hermoso Plaza for the Gulf Cartel.
Raul Decuir Garcia (a.k.a. La Burra) and Ildelfonso Carrillo Sapien (a.k.a. El Chivo) are lancha camp owners who oversee and enable lancha fishermen crossing into U.S. waters for or on behalf of the Gulf Cartel.
Mayelo, Samorano, El Borrado, La Burra, and El Chivo are being sanctioned pursuant to E.O. 14059 for being owned, controlled, or directed by, or for having acted or purported to act for or on behalf of, directly or indirectly, the Gulf Cartel, a person sanctioned pursuant to E.O. 14059.
SANCTIONS IMPLICATIONS
As a result of today’s action, all property and interests in property of the designated persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempt, OFAC’s regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons. U.S. persons may face civil or criminal penalties for violations of E.O. 14059 and the Kingpin Act. Non-U.S. persons are also prohibited from causing or conspiring to cause U.S. persons to wittingly or unwittingly violate U.S. sanctions, as well as engaging in conduct that evades U.S. sanctions. OFAC’s Economic Sanctions Enforcement Guidelines provide more information regarding OFAC’s enforcement of U.S. sanctions, including the factors that OFAC generally considers when determining an appropriate response to an apparent violation.
The power and integrity of OFAC sanctions derive not only from OFAC’s ability to designate and add persons to the Specially Designated Nationals and Blocked Persons (SDN) List, but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. For information concerning the process for seeking removal from an OFAC list, including the SDN List, please refer to OFAC’s Frequently Asked Question 897 here. For detailed information on the process to submit a request for removal from an OFAC sanctions list, please click here.
For more information on the individuals designated today, click here.
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Questions? Contact Us./../.
In Peru’s Puerto Maldonado, known as the gateway to the Amazon, there are picture postcard views of the rainforest, but also scars from deforestation and climate change. USAID Administrator Samantha Power saw both firsthand and announced a new program called the Indigenous Defenders Justice initiative to expand the Agency’s commitment to protect Indigenous communities that defend environmental and human rights in Peru’s Amazon. USAID also announced a new partnership with UNICEF to support the inclusive education of Venezuelan migrant and refugee children in Peru. The Agency continues to work with the Peruvian government, Indigenous communities, and other partners to protect the environment and create sustainable economic opportunities
Learn More
News & Events
USAID rushed aid to communities in the Philippines affected by Super Typhoon Man-yi. We launched the new Nothing Without Us: USAID Disability Policy. And we announced a project to help partner countries better prevent, detect, and respond to infectious disease threats.
Press Release
Digital Feature
Community health workers play invaluable roles in securing a healthier future for children. Meet two women from the Democratic Republic of the Congo and follow along as they connect their neighbors with essential protection against vaccine-preventable diseases.
Read More
Collaborating with USAID
This month WorkwithUSAID.gov turned 3 years old. This “digital front door” simplifies the partnership process for organizations looking to work with USAID. See how the website has paved a pathway to partnership, and find out what’s next.
Learn More
Did You Know...
USAID has lots to celebrate after COP29. For starters, we fulfilled a $3 billion commitment to help vulnerable countries adapt to the climate crisis. Check out this list to read more about how we’re tackling the climate crisis by supporting clean energy investments, more resilient food systems, and locally led solutions abroad.
Learn More
USAID Global FSN Recognition Day 2024
Stay Connected with USAID
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SEC Updates List of Firms Using Inaccurate Information to Solicit Investors
11/27/2024 08:14 AM EST
The Securities and Exchange Commission today announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 14 soliciting entities, two impersonators of genuine firms, and four…
Follow the SEC on X, Facebook, Instagram, and YouTube.
This email was sent to politikimx@gmail.com using GovDelivery Communications Cloud on behalf of: Securities and Exchange Commission · 100 F Street, NE · Washington, DC 20549 · 202-551-4120
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National Labor Relations Board
The Summary of NLRB decisions for the week of November 18 - 22, 2024 is now available on the NLRB’s website. The summary can be accessed by clicking the links below.
Summary of NLRB Decisions for Week of November 18 - 22, 2024 | National Labor Relations Board
Questions? Contact Us./../.
Easy ways to shop small on November 30
Shopping at local businesses helps support jobs, keep money in your community, and build a vibrant local economy. Here are simple ways you can make an impact on Small Business Saturday, November 30 (and every day):
Shop in-store or online at a local business. Every purchase supports your community!
Promote small businesses on social media and share your favorite spots or products.
Dine at a local restaurant or visit your neighborhood café.
Gift local! Buy unique, one-of-a-kind gifts for the holidays.
Leave a positive review. It helps small businesses gain more customers.
Explore student aid help
Find the right federal student aid to meet your financial needs. Visit StudentAid.gov to learn more and: Learn about the process for applying for and receiving financial aid.Use the Career Search Tool to explore careers and what education you need to achieve your goals.
Search for benefits available to service personnel and military families.
Protecting those with allergies
When cooking for family or friends with food allergies this holiday season, know how to to prepare meals carefully to keep everyone safe.
Avoid cross-contact: Use separate utensils, cookware, and cutting boards for allergen-free dishes. Even a small amount of an allergen can cause a serious reaction.
Label your food clearly: Inform your guests if dishes contain allergens like dairy, nuts, or shellfish. Labeling is especially helpful in buffet or shared meal setups.
Prepare to act: Know the signs of an allergic reaction (like hives, swelling, or difficulty breathing). Keep an epinephrine pen on hand if possible, and be ready to call 911 in an emergency.
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Newer epilepsy medications used during pregnancy do not affect neurological development in children
11/27/2024 11:00 AM EST
NIH-funded study provides clarity on safety of two common antiseizure drugs lamotrigine and levetiracetam.
For all other inquiries about NIH programs and activities, please contact Ask NIH. Before writing, please view our Frequently Asked Questions page, our Health Information page, or Search our website.
This service is provided to you by the National Institutes of Health.
NIH…Turning Discovery Into Health®
./../.
News and Media Release
PBGC Approves SFA Application for Teamsters Local 1034 Fund
Teamsters Local 1034 Fund Averts Insolvency and Reduction of Benefits Through Receipt of Special Financial Assistance
FOR IMMEDIATE RELEASE
November 27, 2024
WASHINGTON — The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the International Brotherhood of Teamsters Local 1034 Pension Fund (Teamsters Local 1034 Fund). The plan, based in Long Island City, New York, covers 1,321 participants in the transportation industry.
The Teamsters Local 1034 Fund will receive approximately $48.7 million in SFA, including interest to the expected date of payment to the plan. The plan was projected to become insolvent and run out of money in 2032. Without the SFA Program, the Teamsters Local 1034 Fund would have been required to reduce participants’ benefits to the PBGC guarantee levels upon plan insolvency, which is roughly 40% below the benefits payable under the terms of the plan. That means, if not for the SFA Program, participants in the plan would have seen their monthly pension benefits reduced, on average, by roughly 40% beginning in 2032. SFA will enable the plan to continue to pay retirement benefits without reduction for many years into the future.
“These hard-working Teamsters helped build a better America and now the Biden-Harris administration is delivering the secure, dignified retirement they deserve,” said Acting Secretary of Labor Julie A. Su. “By providing special financial assistance, the Biden-Harris administration will ensure that these 1,321 workers in Long Island get the benefits they have earned after a lifetime of hard work and can retire with dignity.”
The SFA Program was enacted as part of the American Rescue Plan (ARP) Act – signed by President Biden on March 11, 2021. Through November 27, 2024, 32 pension plans covering approximately 536,000 Teamsters across the country have received a total of $48.7 billion in special financial assistance. Thanks to the American Rescue Plan and SFA, these Teamsters have been saved from cuts to their earned pension benefit.
About the Special Financial Assistance Program
The SFA Program provides funding to severely underfunded multiemployer 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 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 multiemployer plans that receive SFA.
As of November 27, 2024, PBGC has announced approval of about $69.7 billion in SFA to 102 plans that cover about 1,230,000 workers, retirees, and beneficiaries.
The SFA Program operates under a final rule, published in the Federal Register on July 8, 2022, which became effective August 8, 2022, and was amended effective January 26, 2023.
About PBGC
PBGC protects the retirement security of about 31 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 nearly 1.4 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 Multiemployer Program is financed by insurance premiums and investment income. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies.
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PBGC Approves SFA Application for CIC Lumber Industry Plan
CIC Lumber Industry Plan Averts Insolvency and Reduction of Benefits Through Receipt of Special Financial Assistance
FOR IMMEDIATE RELEASE
November 27, 2024
WASHINGTON — The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the Carpenters Industrial Council Lumber Industry Pension Plan (CIC Lumber Industry Plan). The plan, based in Portland, Oregon, covers 5,834 participants in the construction industry.
The CIC Lumber Industry Plan will receive approximately $110.9 million in SFA, including interest to the expected date of payment to the plan. The plan was projected to become insolvent and run out of money in 2035. Without the SFA Program, the CIC Lumber Industry Plan would have been required to reduce participants’ benefits to the PBGC guarantee levels upon plan insolvency, which is roughly 15% below the benefits payable under the terms of the plan. That means, if not for the SFA Program, participants in the plan would have seen their monthly pension benefits reduced, on average, by roughly 15%, beginning in 2035. SFA will enable the plan to continue to pay retirement benefits without reduction for many years into the future.
“Many Americans have worked for decades toward the promise of a well-earned retirement after a lifetime of hard work,” said Acting Secretary of Labor Julie A. Su. “Today, the Biden-Harris Administration is delivering on that promise for workers in the CIC Lumber Industry Plan by providing special financial assistance under the American Rescue Plan to ensure that they can retire with the dignity they deserve.”
The SFA Program was enacted as part of the American Rescue Plan (ARP) Act – signed by President Biden on March 11, 2021. Through November 27, 2024, five pension plans covering approximately 35,000 Carpenters across the country have received a total of $977.4 million in special financial assistance. Thanks to the American Rescue Plan and SFA, these Carpenters have been saved from cuts to their earned pension benefits.
About the Special Financial Assistance Program
The SFA Program provides funding to severely underfunded multiemployer 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 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 multiemployer plans that receive SFA.
As of November 27, 2024, PBGC has announced approval of about $69.7 billion in SFA to 102 plans that cover about 1,230,000 workers, retirees, and beneficiaries.
The SFA Program operates under a final rule, published in the Federal Register on July 8, 2022, which became effective August 8, 2022, and was amended effective January 26, 2023.
About PBGC
PBGC protects the retirement security of about 31 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 nearly 1.4 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 Multiemployer Program is financed by insurance premiums and investment income. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies.
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Newer epilepsy medications used during pregnancy do not affect neurological development in children
11/27/2024 11:00 AM EST
NIH-funded study provides clarity on safety of two common antiseizure drugs lamotrigine and levetiracetam.
For all other inquiries about NIH programs and activities, please contact Ask NIH. Before writing, please view our Frequently Asked Questions page, our Health Information page, or Search our website.
This service is provided to you by the National Institutes of Health.
NIH…Turning Discovery Into Health®
./../.
News and Media Release
PBGC Approves SFA Application for Teamsters Local 1034 Fund
Teamsters Local 1034 Fund Averts Insolvency and Reduction of Benefits Through Receipt of Special Financial Assistance
FOR IMMEDIATE RELEASE
November 27, 2024
WASHINGTON — The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the International Brotherhood of Teamsters Local 1034 Pension Fund (Teamsters Local 1034 Fund). The plan, based in Long Island City, New York, covers 1,321 participants in the transportation industry.
The Teamsters Local 1034 Fund will receive approximately $48.7 million in SFA, including interest to the expected date of payment to the plan. The plan was projected to become insolvent and run out of money in 2032. Without the SFA Program, the Teamsters Local 1034 Fund would have been required to reduce participants’ benefits to the PBGC guarantee levels upon plan insolvency, which is roughly 40% below the benefits payable under the terms of the plan. That means, if not for the SFA Program, participants in the plan would have seen their monthly pension benefits reduced, on average, by roughly 40% beginning in 2032. SFA will enable the plan to continue to pay retirement benefits without reduction for many years into the future.
“These hard-working Teamsters helped build a better America and now the Biden-Harris administration is delivering the secure, dignified retirement they deserve,” said Acting Secretary of Labor Julie A. Su. “By providing special financial assistance, the Biden-Harris administration will ensure that these 1,321 workers in Long Island get the benefits they have earned after a lifetime of hard work and can retire with dignity.”
The SFA Program was enacted as part of the American Rescue Plan (ARP) Act – signed by President Biden on March 11, 2021. Through November 27, 2024, 32 pension plans covering approximately 536,000 Teamsters across the country have received a total of $48.7 billion in special financial assistance. Thanks to the American Rescue Plan and SFA, these Teamsters have been saved from cuts to their earned pension benefit.
About the Special Financial Assistance Program
The SFA Program provides funding to severely underfunded multiemployer 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 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 multiemployer plans that receive SFA.
As of November 27, 2024, PBGC has announced approval of about $69.7 billion in SFA to 102 plans that cover about 1,230,000 workers, retirees, and beneficiaries.
The SFA Program operates under a final rule, published in the Federal Register on July 8, 2022, which became effective August 8, 2022, and was amended effective January 26, 2023.
About PBGC
PBGC protects the retirement security of about 31 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 nearly 1.4 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 Multiemployer Program is financed by insurance premiums and investment income. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies.
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PBGC Approves SFA Application for CIC Lumber Industry Plan
CIC Lumber Industry Plan Averts Insolvency and Reduction of Benefits Through Receipt of Special Financial Assistance
FOR IMMEDIATE RELEASE
November 27, 2024
WASHINGTON — The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the application submitted to the Special Financial Assistance (SFA) Program by the Carpenters Industrial Council Lumber Industry Pension Plan (CIC Lumber Industry Plan). The plan, based in Portland, Oregon, covers 5,834 participants in the construction industry.
The CIC Lumber Industry Plan will receive approximately $110.9 million in SFA, including interest to the expected date of payment to the plan. The plan was projected to become insolvent and run out of money in 2035. Without the SFA Program, the CIC Lumber Industry Plan would have been required to reduce participants’ benefits to the PBGC guarantee levels upon plan insolvency, which is roughly 15% below the benefits payable under the terms of the plan. That means, if not for the SFA Program, participants in the plan would have seen their monthly pension benefits reduced, on average, by roughly 15%, beginning in 2035. SFA will enable the plan to continue to pay retirement benefits without reduction for many years into the future.
“Many Americans have worked for decades toward the promise of a well-earned retirement after a lifetime of hard work,” said Acting Secretary of Labor Julie A. Su. “Today, the Biden-Harris Administration is delivering on that promise for workers in the CIC Lumber Industry Plan by providing special financial assistance under the American Rescue Plan to ensure that they can retire with the dignity they deserve.”
The SFA Program was enacted as part of the American Rescue Plan (ARP) Act – signed by President Biden on March 11, 2021. Through November 27, 2024, five pension plans covering approximately 35,000 Carpenters across the country have received a total of $977.4 million in special financial assistance. Thanks to the American Rescue Plan and SFA, these Carpenters have been saved from cuts to their earned pension benefits.
About the Special Financial Assistance Program
The SFA Program provides funding to severely underfunded multiemployer 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 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 multiemployer plans that receive SFA.
As of November 27, 2024, PBGC has announced approval of about $69.7 billion in SFA to 102 plans that cover about 1,230,000 workers, retirees, and beneficiaries.
The SFA Program operates under a final rule, published in the Federal Register on July 8, 2022, which became effective August 8, 2022, and was amended effective January 26, 2023.
About PBGC
PBGC protects the retirement security of about 31 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 nearly 1.4 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 Multiemployer Program is financed by insurance premiums and investment income. Special financial assistance for financially troubled multiemployer plans is financed by general taxpayer monies.
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