By: Russ Kamp, Managing Director, Ryan ALM, Inc.
There was modest activity last week as it relates to the ARPA pension legislation, as only one plan, Mid-Jersey Trucking Industry and Teamsters Local 701 Pension and Annuity Fund, received approval from the PBGC on their application for Special Financial Assistance. This fund will receive $142.2 million to help stabilize and secure the promised benefits for 1,623 plan participants. To date, $6.7 billion in SFA support has been approved by the PBGC and of that total, $6.45 billion has been disbursed including three more funds last week. There were no new applications submitted among Priority Group 1, 2, and 3 plans. Priority Group 4 candidates may begin filing their applications on July 1, 2022.
All attention continues to be focused on the Office of Management and Budget (OMB) which received the PBGC’s Final, Final Rules about two weeks ago. We should be hearing something soon from them. Have a great week, and as always, don’t hesitate to reach out to us if we can be of any assistance to you.