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

Good morning. We are pleased to provide you with the latest update on the progress of the PBGC’s implementation of the ARPA legislation.

Last week proved to be a quiet one for the agency and the multiemployer plans seeking Special Financial Assistance (SFA). There were no new applications submitted for review and none were approved from among the many still residing with the PBGC. However, Local 996 Pension Plan did receive the proceeds from its supplemental application that awarded them $8.6 million to further support the promised benefits for the 2,356 plan participants. This is on top of the $54.1 million that was received in December 2022 following the submission of the revised SFA application.

There weren’t any applications denied during the previous week. In addition, there were no new pension plans added to the PBGC’s waitlist or plans securing a valuation date. There were three plans that withdrew applications during the last 7 days. They include the Bakery and Confectionery Union and Industry International Pension Fund, Laborers National Pension Fund, and Southwestern Pennsylvania and Western Maryland Area Teamsters and Employers Pension Fund. The Southwestern plan is a Priority Group 5 system, while the other two are categorized as Priority Group 6 members. Each plan had filed its initial application. In total, they are seeking $4.2 billion for nearly 150,000 participants. The majority of the SFA would go to the Bakery and Confectionery Union ($3.8 billion).