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

We are pleased to once again provide you with an update on the PBGC’s activity related to the ARPA legislation. During the previous week there were four plans that submitted applications. Each of these funds resided on the PBGC’s Waiting List. Three of the plans had no priority grouping associated with them, while the UFCW – Northern California Employers Joint Pension Plan identified itself as a Priority Group 6 member.

In addition to the UFCW plan, applications were submitted by Central New York Laborers’ Pension Plan, Retail Food Employers and United Food and Commercial Workers Local 711 Pension Plan, and the CWA/ITU Negotiated Pension Plan. Collectively, these four plans are seeking Special Financial Assistance (SFA) totaling $2.9 billion, of which the UFCW – Northern California plan is asking for $2.3 billion, for the 189,195 plan participants. As a reminder, the PBGC has 120 days from submission to act on the application.

There were no applications approved, denied, or withdrawn. In addition, there were no plans added to the PBGC’s Waiting List, which continues to have 110 funds on the list, with 10 of those having been “invited” by the PBGC to submit. Of the 110 wait list candidates, 108 have locked in their valuation date.

There are currently eight funds that have had the SFA applications approved that are still awaiting the distribution of funds from the PBGC totaling $3.7 billion that will support the retirements of >160K participants.