ARPA update as of May 12, 2023

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

I hope that everyone had a wonderful Mother’s Day Weekend.

We are pleased to provide you with the weekly ARPA legislative update. This past week’s activity included one new application submitted, one supplemental application approved, an application withdrawn, and another plan added to the waitlist.

Local Union No. 863 I.B. of T. Pension Plan, a Priority Group 5 plan, submitted a revised application. They are seeking more than $322 million in SFA grant money to support their 2,487 participants. Local 966 Pension Plan received approval for their supplemental request in the amount of $8.6 million. They’d been awarded $54.1 million last December. This Priority Group 2 plan has 2,356 participants. Pension Plan for Bricklayers and Stone Masons Union Local No. 2 is the latest non-Priority Group plan to request to be added to the waitlist. That list now has 108 plans on it.

In other action, U.T.W.A. – N.J. Union – Employer Pension Plan, a priority Group 2 plan, withdrew its revised application on May 11th. This plan is seeking $7.5 million in SFA grant money to cover their 449 participants. Happy to report that no applications were denied during the last week. There were also no waitlist plans that locked in a valuation date. Clearly, there is still a tremendous amount of activity left for the PBGC to address.

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