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

We are pleased to provide the weekly update on the PBGC’s activity related to the ARPA legislation. There were no new applications submitted for review or approved for SFA payment. However, there was one plan, the New England Teamsters Pension Plan, a Priority Group 6 fund, that withdrew its initial application on May 30, 2023. They are seeking nearly $5.5 billion to help support the 72,141 plan participants.

In addition to the activity cited above, there was one new plan added to the waitlist for SFA consideration. The UFCW Local 23 and Giant Eagle Pension Fund was added to the list marking the 109th multiemployer pension system to be added at this time. They also decided to lock in a valuation date of April 30, 2023. Joining UFCW Local 23 were two other plans that decided to lock in 4/30/23 as their valuation date – Retail Food Employers & UFCW Local 711 Pension Trust Fund and the Communications Workers of America Local 1109 Pension Plan.