Here’s the latest from the PBGC through March 25th. Last week witnessed zero new applications, zero new approvals, zero disbursements of the SFA, and zero applications withdrawn. So much for progress! But who can blame the PBGC, as March Madness has clearly gripped everyone? Perhaps the folks at the PBGC are a bunch of St. Peter’s alum?
So, we remain at seven approved applications with five having received their SFA ($1.1 B). Total applications still in review remain at 26, with U.T.W.A. – N.J. Union – Employer Pension Plan having been the last application submitted on March 16th. As a reminder, the big boys, those plans with >350,000 participants, are eligible to begin filing under Priority Group 3 status beginning April 1st.
There have been only four of the 18 MPRA suspension plans filing an application for the SFA. Priority Group 2 candidates became eligible on December 31, 2021. Are they waiting for the “Final, Final Rules” from the PBGC, or are there other extenuating circumstances that have created this delay? Only time will tell, but I can only imagine the angst that this further delay is giving to participants in those plans. Stay tuned!