By: Russ Kamp, Managing Director, Ryan ALM, Inc.
We hope that you had a wonderful Easter or Passover celebration this past weekend. With regard to the PBGC’s latest update (as of April 15th), no new plans filed an application. The last to do so was the New York-based, Pension Plan of the Printers League – Graphic Communications International Union Local 119B, New York Pension Fund, covering 1,213 participants. This plan has filed an SFA application to receive roughly $85 million. To date, none of the Priority Group 3 members (>350,000 participants) have submitted an application with the PBGC.
We are pleased to report that two plans that had received prior notice that their applications had been approved received the payments totaling $238 million and covering 2,250 participants. This activity brings to seven the number of approved and paid SFA applications. Each of these plans filed its application under the Priority Group 1 category. As we reported last week, 36 plans have filed an application with the PBGC representing a very small percentage of the expected number of applications and $s associated with this legislation. Obviously, there is much more to come.