By: Russ Kamp, Managing Director, Ryan ALM, Inc.

We are pleased to provide this most recent update on the PBGC’s execution of the ARPA legislation. Two plans, Pension Plan of the Printers League – Graphic Communications International Union Local 119B New York Pension Fund and Teamsters Local 641 Pension Plan (revised), have filed supplemental applications seeking additional SFA following the release of the PBGC’s Final Final Rules (FFR). The Printers are seeking an additional $15.3 million on top of the $90.6 million that they received in August, while Local 641 is asking for an additional $91.5 million following receipt of $516.9 million on May 2nd. Both of these pension plans were classified as Priority Group 1. The seeking of additional funds continues a trend that we’ve highlighted since the PPGC’s final rules were announced.

There have been no initial applications filed since the Toledo Roofers Local No. 134 Pension Plan submitted its SFA request on 9/1/22. No payments of SFA have been made this month, as the Toledo Pension Plan is the only approved application yet to be wired proceeds. Fortunately, we still don’t have any applications that were denied. As more and more Priority Group 1 and 2 plans file supplemental applications, we are still waiting on the PBGC’s approval for the only Group 3 plan (Central States). To date, there have been no Priority Group 4 plans to file an application, which have been eligible to submit an SFA application since July 1, 2022.