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

January has lived up to its billing in Northern NJ this year with frigid temperatures and a little snow. However, there seems to be a bit of thawing as it relates to the PBGC’s implementation of the ARPA pension legislation. For the first time since November 22, 2023, a multiemployer plan has had its application for Special Financial Assistance (SFA) approved. Laborers’ International Union of North America Local Union No. 1822 Pension Fund, a non-priority plan, will receive nearly $16 million to cover the promised benefits for 525 plan participants.

In addition, two plans withdrew previously revised applications. Printing Local 72 Industry Pension Plan, a Priority Group 5 member seeking $38.1 million for its 787 members withdrew its application on January 15th, while Mount Laurel, NJ based UFCW Regional Pension Fund, looking for $52.4 million to help protect the pensions for their 4,605 participants withdrew its application on 1/18.

There were no additional applications submitted for review. Fortunately, there were no applications denied during the previous week. There is still a tremendous amount of work ahead for the PBGC. Hopefully whatever issue(s) there were that slowed down the process have been rectified and we’ll soon witness an accelerated pace once again.