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

We are pleased to provide you with this update of the progress of the PBGC’s implementation of the ARPA pension legislation. Clearly, great progress has been made since the inception of the program in 2021. There was one additional plan that received approval last week. The Central New York Laborers’ Pension Plan, a non-priority plan, will receive $18.9 million, including interest, to support its 1,085 participants. Beyond this news, there isn’t much to share, as there were no new applications to review, none withdrawn or denied, and none seeking to be added to the waiting list for non-priority plans.

As the table above highlights, there are currently 25 applications under review 11 that have a priority designation. More importantly, 67 plans have already had their applications approved for a total of $53.53 billion. The US interest rate environment continues to support these grant recipients who want to create certainty of meeting their benefit obligations through a cash flow matching implementation. Keep it going!