By: Russ Kamp, CEO, Ryan ALM, Inc.

Welcome to 2025. May it prove to be an incredible year for all of us.

The PBGC seems to have hit the pause button on the continuing implementation of the ARPA legislation. Not surprising given the holidays and what has been accomplished to date, with more than 100 multiemployer plans approved to receive the Special Financial Assistance (SFA). As we’ve reported throughout the nearly 3 1/2 years of the legislation’s implementation, this was a massive undertaking. Despite a couple of missteps, I believe that the PBGC has done an incredible job. As a result, 1,425,291 plan participants have had their benefits secured and in some cases, restored to the original promise.

Despite the incredible effort to date, there remains much to do with 97 plans still waiting for approval of the submitted applications or to file an initial or revised application. Fortunately, US Treasury yields have once again elevated providing those funds yet to file an opportunity to invest the SFA in a CFM strategy that will secure the promised benefits at reduced cost.