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

Good morning. Happy to share with you a very brief update on the PBGC’s activity implementing the ARPA pension legislation. Brief because there is only 1 action item to report on. Southwest Ohio Regional Council of Carpenters Pension Plan had its application approved. They will receive $182.6 million for the 5,399 plan participants. Outstanding!

There were no new applications submitted during the prior week. In addition, there were no current applications under review that were either declined or withdrawn in the last 7 days. As reflected in the table below, there are currently 28 applications under review. They consist of 17 applications that had a Priority Group designation and 11 applications that have been submitted from the waiting list.

To date, there have been 57 pension systems that have had their applications approved. In addition, 35 supplemental applications were approved providing additional grant money to these pension systems. In total, $52.4 billion has been granted to these plans, which includes interest. It is anticipated that another roughly 120 plans may receive grant money, too.