By: Russ Kamp, Managing Director, Ryan ALM, Inc.
Welcome to the second week of September. I don’t know about you, but 2022 is flying along. That said, there really isn’t much to report on this week as no pension systems filed an application new or revised. No applications were approved, and only one plan that has received approval is left to be paid – Gastronomical Workers Union Local 610 and Metropolitan Hotel Association Pension Fund. They are waiting on a tidy morsel of $31.1 million for its 2,624 participants.
As a reminder, the window for Priority Group 4 plans, those projected to become insolvent before 3/11/2023, has been open since July 1st. However, no Group 4 applications have been filed as of yet. Priority Group 5 and 6 funds will be permitted to file effective February 11, 2023. Perhaps the pace of new applications will quicken as we move through the balance of 2022 into 2023.
Lastly, a big thanks to the PBGC for continuing to provide weekly updates on their website.