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

We at Ryan ALM, Inc. wish for you and your family a wonderful Thanksgiving holiday.

On another note, it is a Monday which means that we provide you with an update on the PBGC’s progress implementing the ARPA legislation. This past week has been relatively quiet in terms of visible output, as there was only one new application added to the current review queue. Pacific Coast Shipyards Pension Plan, a non-priority plan, has submitted a revised application having withdrawn the initial request on October 25th. This plan is seeking nearly $17.9 million in grant money for its 507 plan participants.

In other news, there were two applications that were withdrawn during the week, as United Food and Commercial Workers Union Local 152 Retail Meat Pension Plan and the Pension Plan of the Moving Picture Machine Operators Union Local 306 pulled the applications. In the case of the UFCW plan, this was the initial submission seeking $262.8 for the 10,252 plan participants for the non-priority group member. The Machine Operators, a Priority Group 5 member, recalled a revised application which is seeking $19.8 million for the 542 members of this plan.