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

We are pleased to provide you with the weekly update on the PBGC’s progress in implementing the ARPA legislation. Last week witnessed seven multiemployer plans receiving approval for their SFA applications. In two cases, the Plasterers Local 82 Pension Fund and the Alaska Ironworkers Pension Plan, received approval for their initial applications. These Priority Group 2 funds, both MPRA Suspension eligible, were seeking $20.1 million and $50.4 million, respectively for their combined 1,061 plan participants. The other five plans received approval for supplemental SFA filings.

In addition to the seven approvals cited above, there was one application withdrawn, as the Composition Roofers No. 42 Pension Plan withdrew their initial application (9/30/22 submission) seeking $33.7 million for 495 participants. As we’ve seen in the past, these withdrawn applications tend to get resubmitted quite quickly.

There were no new applications submitted last week and none were denied. There remain 6 potential applications yet to be submitted among the 5 Priority Groups that are eligible to file. February 11, 2023, is earmarked as the starting point for Priority Group 6 applications. Once those applications have been filed, I’m anticipating that the potential 218 additional multiemployer applications will create an avalanche of activity for the PBGC.