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

Welcome to the end of 2025’s first half. That seems fast! The PBGC has been dealing with a ton of activity, and the second half seems as if it will be more intense given recent additions to the waitlist following the 2nd Circuit’s ruling on eligibility.

During the previous week there were no new applications submitted, as the PBGC’s eFiling system is temporarily closed. However, they did approve a revised application which was set to expire (120-day rule). Local 810 Affiliated Pension Plan, a Long Island City, NY, plan, will receive $105 million in SFA and interest in support of their 1,437 plan participants. This is the 126th plan to be approved to receive Special Financial Assistance (SFA).

In other ARPA news, there were no applications withdrawn or denied, but there was another plan that repaid a portion of the SFA due to census errors. New York State Teamsters Conference Pension and Retirement Fund repaid $2.7 million of the $1.4 billion in SFA or 0.2% of the award.

As mentioned above, the activity prompted by the 2nd Circuit’s judgement, led to another 3 pension funds being placed on the waiting list, which has grown by 38 funds just since May 1st. You can see why 2025’s second half will be quite busy for the PBGC.

The U.S. interest rate environment is still providing recipients of SFA with significant cost savings when using cash flow matching to secure the promised benefits. Please don’t hesitate to reach out to us if you’d like for us to prepare a free analysis on what that cost reduction might be and what the potential coverage period.