By: Russ Kamp, Managing Director, Ryan ALM, Inc.
We are pleased to provide you with our weekly ARPA update. Is the third time truly the charm? After submitting and withdrawing two previous SFA applications, the Southern California, Arizona, Colorado & Southern Nevada Glaziers, Architectural Metal & Glass Workers Pension Plan has submitted another revised application (1/10/23). The Priority Group 1 plan is seeking $429.6 million in SFA support for its 3,606 plan participants. The PBGC has until May 10, 2023, to act on this application.
In other ARPA news, there were no applications approved or denied during the most recent week. However, there was one application that was withdrawn. The Plasterers and Cement Masons Local No. 94 Pension Fund, a MPRA Suspension plan (Priority Group 2) has withdrawn its application effective January 11, 2023. They were seeking $3.3 million for its 108 participants. There are currently three funds, including the Plasterers, that have withdrawn applications that have yet to refile. In the case of the America’s Family Benefit Retirement Plan, they have previously submitted two applications, while the Ironworkers Local Union No. 16 Pension Plan has yet to resubmit an application following the withdrawal of its initial filing.
As a reminder, February 11, 2023, is the tentative start date for Priority Group 6 plans, those seeking SFA in excess of $1 billion, to begin filing applications. As the chart above highlights, the PBGC is expecting 14 large plans to file during that window. Much more to come!