PBGC Update as of January 6th, 2023

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

After some fairly intense activity for the PBGC to end 2022, the new year began with a much more measured pace! We are pleased to once again provide this weekly update regarding the ARPA legislation and the beneficiaries of the Special Financial Assistance (SFA). Last week, there were two supplemental applications filed by Priority Group 1 plans. The Cement Masons Local 783 Pension Plan and the Cement Masons Local Union #681 Pension Plan filed their respective applications on January 6th. They are seeking a relatively insignificant combined sum ($61,070) in addition to what they originally received earlier this year. The two plans cover 246 participants, who likely feel that every $ received is significant.

In addition to these two filings, there was an application withdrawn on January 5th. The Ironworkers Local Union No. 16 Pension Plan, a priority group 2 plan (MPRA Suspension), withdrew its initial application seeking $74 million for the 996 plan participants. They submitted the application in late September. Hopefully, they will resubmit a revised application shortly allowing them to get on the PBGC’s radar soon.

Fortunately, there were no applications that were denied during the last week. But, there were also no applications approved. As the chart below reflects, there is still much more activity to come!

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