By: Russ Kamp, Managing Director, Ryan ALM, Inc.
I hope that you had a wonderful Thanksgiving holiday.
We are pleased to provide the weekly update on the PBGC’s activity as it relates to the ARPA legislation. As one would imagine, activity during the holiday week was tame, as only one fund, Bricklayers Union Local No. 1 Pension Fund of Virginia, submitted a revised application seeking $12.7 million for the plan’s 395 participants. The initial application was filed on June 30, 2022. The PBGC has until March 23, 2023, to act on the application.
In other ARPA news, there were no applications denied or withdrawn during the previous week. Two plans, Teamsters Local Union No. 52 Pension Fund and the New York State Teamsters Conference Pension and Retirement Fund are waiting to receive the SFA that was approved earlier this month. Local 52 is expecting to receive nearly $85 million for its 769 participants, while the NYS Teamsters are approved for more than $963 million for their 33,643 participants.
The chart above is as of November 25th. To date, 35 funds have been approved to receive SFA (not counting supplemental filings) for a total of $8.9 billion. There is still much work to be done by the PBGC, as they anticipate as many as 252 additional funds will be eligible to eventually file for the legislation’s Special Financial Assistance.