By: Russ Kamp, CEO, Ryan ALM, Inc.
Happy St. Patrick’s Day! I’m proud to be half Irish (Grandmother’s name is Margaret Mary O’Brien). Today we honor St. Patrick, the patron Saint of Ireland. There may be a few among us who may also honor Arthur Guinness today, the inventor of Guinness beer, which he founded at St. James’s Gate in 1759. Enjoy your day!
Regarding the PBGC’s implementation of the ARPA legislation, last week was a relatively quiet week, as the eFiling portal remains temporarily closed. As a result, no new applications were submitted seeking Special Financial Assistance (SFA). Fortunately, there were no applications denied or withdrawn and no plans repaid excess SFA due to census issues. There were also no additions to the waiting list.
However, there were three non-priority group funds receiving approval from the PBGC for SFA. These included, U.F.C.W. District Union Local Two and Employers Pension Fund, Local 1783 I.B.E.W. Pension Plan, and the Cement Masons Local Union No. 567 Pension Plan. The UFCW and IBEW plans had revised applications approved, while the Masons cemented approval with its initial submission. In total, these funds will receive $183.9 million for 6,498 plan participants.
The 24 plans currently under review are seeking $2.9 billion in SFA for more than 335k plan participants. That’s a lot of American workers hoping to get the pension that was promised. Also, the 113 plans that have received approval to date have garnered $71.2 billion in SFA that supports 1.54 million pensioners. Great job!
Today’s quiz: Why is the shamrock synonymous with St. Patrick’s Day?
Answer: It represents the Holy Trinity.
Ryan ALM Blog 
Hi Russ and a belated St Patricks day to you.
Here is another St. Patricks day riddle and little known fact.
What is the only country that St Patricks Day is a national holiday with post offices closed etc. ?
(Hint its not Ireland)
Answer : The Carribean island of Montserat
That’s funny – thanks for sharing. You don’t often read about Ireland settling any territory.
Unfortunately, they did not settle there by choice but were brought there during the Irish slave trade. They successfully revolted on St Patricks Day and thus become their Independence Day and national holiday.