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

With the tryptophan effects finally wearing off, the PBGC is reporting that 2 pension plans – The Defined Benefit Plan for the Operative Plasterers’ and Cement Masons’ International Association Local Union 394 Pension Trust Fund (may just be in the running for the longest pension fund name) and the Retail Clerks Specialty Stores Pension Plan – have filed their initial applications for Special Financial Assistance. These plans are the first of the Priority Group 5 members to file. As a reminder, Priority Group 5 plans are those that are projected to become insolvent before 3/11/2026.

Combined, these plans provide retirement benefits for 1,743 participants. They are seeking $65.7 in SFA. The PBGC is currently reviewing 42 applications, many of which are supplemental filings. Happy to report that there were no applications denied or withdrawn during this most recent weekly period. In addition, the Local 966 Pension Plan, had its SFA application approved. They will receive a little more than $54 million for the 2,356 plan participants.

The information in the chart above does not include supplemental applications