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

We are pleased to provide you with our weekly update of the PBGC’s progress in implementing the life-changing ARPA legislation. Tremendous activity has already taken place, but there is much more to accomplish. With regard to last week’s activity, the PBGC announced that the Retirement Plan of the Retirement Fund of Local 305 CIO’s Pension Fund’s revised application had been approved. This plan will receive $36.3 million to support the promised benefits for the 918 plan participants.

As the chart above highlights, there are still roughly 140 plans that may receive the Special Financial Assistance (SFA). We’ve highlighted on many occasions how this groundbreaking legislation has been life changing, especially for those participants that saw their promised benefits slashed under MPRA. As a reminder, here is a story about one of those union workers whose life was turned upside down. Still much more to do, but there shouldn’t be any question about why this effort is so very critical.