In the latest ARPA news, New York State Teamsters Conference Pension and Retirement Fund (Syracuse, NY) with >33,000 participants is the third MPRA pension suspension plan to file an application with the PBGC for the SFA. The estimated payout is slightly greater than $1 billion making it the third-largest anticipated federal grant that has been filed so far. Of the five applications that have been approved, we still only have two that have received payments. As a reminder, the PBGC has 120 days to either accept the application as is or reject the application requiring an amended filing, which starts the review clock all over.
There are still 19 Priority Group One applicants waiting to hear about their plan’s filing. In addition, there are 5 Priority Group Two plans that have yet to hear, and many more within this cohort that have yet to file. In total, it is estimated that more than 200 plans will be eligible to seek federal support through ARPA. Now, if we can only get the “Final Final Rules” on how to invest the grant money we’ll be firing on all cylinders.