ARPA Update as of April 28, 2023

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. They’ve been diligently stewarding this process Since July 2021. There are still many more potential grants to be awarded, as reflected in the chart below.

May was brought in with a flurry of activity. It was reported that five multiemployer plans had the SFA applications approved last week. These plans, United Independent Union – Newspaper Guild of Greater Philadelphia Pension Plan, the Pension Plan of the Bakery Drivers and Salesmen Local 194 and Industry Pension Fund, the United Furniture Workers Pension Fund A, the Western States Office and Professional Employees Pension Fund, and the Building Material Drivers Local 436 Pension Plan will receive awards totaling $1.062 billion to help support the pensions of 20,846 participants. Four of the plans had their initial application approved, while the United Furniture Workers had its revised application approved. This brings the total approved applications to 46 as of last Friday, April 28th.

In addition to the 5 approved accounts, there were 3 applications withdrawn, no applications that were denied, and none of the nine approved applications received their wire transfers. There were no additions to the “waiting list”, while one of the plans on the waiting list elected to lock in its valuation date. G.C.U. Local No. 96B Pension Plan filed to have their valuation date be 1/31/23. They are the second plan to use that date, while 103 have chosen 12/31/22.

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