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

We at Ryan ALM, Inc. wish you and your family a joyous holiday season and an incredible 2024.

Once again, there isn’t a lot to report on the activity of the PBGC as they implement the ARPA legislation. There were no new applications submitted. Nor were there any applications approved or denied. However, there was one application withdrawn, as Teamsters Local 11 Pension Plan withdrew their previously revised application. This non-priority plan is seeking nearly $29 million for its 2,012 participants. Perhaps the third time will prove to be the charm.

In addition to the one withdrawal, there were two plans that received payment following approval of their applications. Twin Cities Bakery Drivers Pension Plan and United Association of Plumbers and Pipefitters Local 51 Pension Fund received their funds ($26 and $16.5, respectively) on December 21st. The SFA payments will help support the pensions of 2,587 plan participants. Congrats!

We anticipate a tremendous level of activity in 2024, as implementation of the legislation enters its third full calendar year. As the chart above highlights, there are still nearly 90 plans expecting to secure some SFA. Good luck.