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

Happy Fourth of July! Thank you to all who have served our nation to provide us with the freedoms that we enjoy, but often take for granted.

With respect to the PBGC’s implementation of the ARPA pension legislation, last week was quite busy, as five plans had their applications approved, including the first two Priority Group 6 members to get the SFA grant award. The National Integrated Group Pension Plan and the PACE Industry Union-Management Pension Plan will receive approximately $2.2 billion to cover their 112,776 participants.

The Composition Roofers No. 42 Pension Plan and the IBEW Local No. 237 Pension Plan, Priority Group 2 members, each had revised applications approved during the last 7 days. They will receive in total $65.9 million (including interest) for their 925 members. The last of the five approved applications was for supplemental proceeds for Priority Group 2 member Bricklayers and Allied Craftsmen Local 7 Pension Plan, which will get $9.4 million for its 397 pensioners.

In other news, three plans withdrew applications, presumably under the guidance of the PBGC. These plans, the Pension Plan of the Moving Picture Machine Operators Union Local 306 (PG 5), GCIU-Employer Retirement Benefit Plan (PG 6), and Local 210’s Pension Plan (PG 5), were seeking $944 million collectively, with a significant majority of those assets earmarked for the GCIU plan. GCIU’s application was their initial one, while the other two had already submitted revised applications. Perhaps three times will prove to be the charm.

There were no additions to either the waiting list or locked-in groupings. There still remain 110 waiting list candidates of which 108 have locked in their valuation date. As we begin the Fourth of July celebrations, we should also celebrate the fact that 50 multiemployer plans have received critical funding to help meet the promises that were given to their plan participants.