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

Welcome to the first ARPA update of 2024. I hope that your year has gotten off to a great start.

With regard to the PBGC’s recent activity, there isn’t much to report at this time, as there were no new applications received or approved. Fortunately, there were no applications under review that were denied. There was one application that was withdrawn on 1/5/24. The United Food and Commercial Workers Unions and Employers Midwest Pension Plan, a Priority Group 6 member, withdrew its previously revised application seeking nearly $1.2 billion for its 35,223 plan participants. Let’s hope that the third time proves to be the charm.

There was one additional plan added to the waiting list. Local Union No. 1430 Pension Fund was supposedly added to the queue on 12/28/23, but this is the first time that I’ve seen them listed. That makes 112 non-priority pension funds that are seeking Special Financial Assistance (SFA) under ARPA. Of the 112 plans on the waitlist, 22 have been given approval to submit their applications. Of those 22, 5 have had the applications approved, 11 are under review, and 6 have withdrawn to presumably revise data in some way.