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

It may be rainy and somewhat gloomy in New Jersey this morning, but there is good news to report regarding ARPA and the PBGC’s implementation of this critically important legislation. Two more pension plans, the Legacy Plan of the UNITE HERE Retirement Fund and the United Food and Commercial Workers Unions and Employers Midwest Pension Plan, both with Priority 6 designations, have filed revised applications for Special Financial Assistance (SFA). In total, these plans are seeking $2.1 billion for just under 127K participants.

In addition to this activity, the PBGC reported that they had approved the SFA application for the Plasterers and Cement Masons Local No. 94 Pension Fund. This fund will be receiving nearly $3.9 million for the 108 participants in this plan. Congratulations!

There were no applications denied during the last week and no new additions to the waiting list. There are currently 23 pension plan applications for SFA under review by the PBGC seeking >$8.4 billion in grants. There remain more than 90 in the waiting list queue for future review.