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

Another week, another ARPA update with little to report. Again, the PBGC has done a wonderful job implementing ARPA’s pension legislation in awarding $53.6 billion in Special Financial Assistance (SFA) to 70 multiemployer plans. But as reported in previous ARPA updates, the activity level has come to a screeching halt and this past week proved to be no exception as there were no new applications submitted through the PBGC’s portal, no applications were approved or denied, and none withdrawn.

As reflected in the chart above, there remain 90 applications that have to yet be submitted and another 38 that are either under review or have been withdrawn with the expectation that they will once again be submitted for consideration. I’m sure that the plan participants in those remaining plans are anxious for a positive outcome in the quest for SFA. Fortunately, US interest rates remain elevated, despite the bond rally in the fourth quarter, providing SFA recipients to secure years of benefits (and expenses) at reasonable cost.