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

We hope that you enjoyed a nice long weekend. Here is the weekly ARPA legislative update. Despite the holiday weekend, the PBGC continued to focus on the task at hand. During the prior work week, one plan, the Paper Handlers’ – Publishers’ Pension Plan, submitted a revised application. This Priority Group 5 plan is seeking nearly $20 million to help secure the promised benefits to 244 plan participants. The PBGC has until September 22, 2023, to act on the application.

In addition to that action, two plans, the Bindery Industry Employers GCC/IBT Pension Plan and the Paper Handlers’ – Publishers’ Pension Plan each withdrew their initial applications seeking SFA support. The Bindery Industry Employers Fund is seeking $18.8 million for their 686 participants, while the Paper handlers would like to see the PBGC deliver $20.7 million for its 244 participants. There were no applications denied and no new filings approved during the last week. In addition, no plans were added to either the waiting list or requested a valuation date lock-in.