By: Russ Kamp, Managing Director, Ryan ALM, Inc.
If it’s Monday, it must be ARPA update day. I’m a little late today in providing an update as a trip to and from Baltimore to empty a dorm room pushed my delivery back. That said, there isn’t a whole lot to provide in terms of news. There was a revised application filed on May 2nd by the Ironworkers Local Union No. 16 Pension Plan. This MPRA suspension (Priority Group 2) plan is seeking slightly more than $73 million to help cover the promised benefits for 996 plan participants. The PBGC has until August 30, 2023, to act on the application.
In other ARPA news, there were no applications approved, denied, or withdrawn. However, four previously approved plans were paid on May 1st. These four entities received $450.2 million in supplemental payments for the 34,658 participants in these plans. The New York State Teamsters Conference Pension and Retirement Fund received a significant percentage of the grant monies for coverage of its >33,600 beneficiaries. Lastly, there was one more plan added to the waitlist, as the Communications Workers of America Local 1109 Pension Plan emailed their intention to be added to the list on May 4th.