By: Russ Kamp, Managing Director, Ryan ALM, Inc.
Happy Hannukah, Merry Christmas, and Happy Holidays! We wish you a wonderful holiday season.
We are pleased to provide you with the latest activity related to ARPA’s implementation. There were no new or supplemented applications filed with the PBGC during the most recent week. However, the PBGC was busy approving two supplemental applications for the Teamsters Local 617 Pension Plan and the Graphic Arts Industry Joint Pension Plan, which will receive additional SFA funding amounting to $31.0 mil and $82.2 mil, respectively. This additional funding will further secure the promises for 10,745 plan participants.
There are currently 30 applications that have been submitted to the PBGC that have yet to be approved with 12 of those being initial applications and two more that were revised and resubmitted. As a reminder, the window is currently open for Priority Group 5 plans (projected to become insolvent before 3/11/2026) with Priority Group 6 plans slated to become eligible to file an initial application beginning February 11, 2023.
The data above reflects the activity of multiemployer plans submitting an initial or revised application through December 16, 2022. Despite the good work to date from the PBGC, there is plenty left to accomplish. Next year should prove to be quite active as the bulk of potential ARPA/SFA recipients has yet to file.