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

Football season is upon us, but if you are a NY Giants fan, as I am, you are already looking forward to hockey and basketball beginning in October! The Giants truly have an “offensive” line. Enough of that, let’s get to the important stuff.

Following significant activity leading into the Labor Day Weekend, the prior 4 days were very quiet, as the PBGC did not receive, deny, or approve any applications seeking Special Financial Assistance (SFA). In addition, there were no plans seeking to be added to the waitlist. However, there was one plan, Council 30 Retirement Fund Sanders, a recent addition to the waitlist, locked-in their valuation date as June 30, 2025.

In addition, there was one activity from the prior week that was added to this week’s PBGC spreadsheet. Graphic Communications Union Local 2-C Retirement Benefit Plan, a recipient of $59.3 million in SFA, was required to refund $152k in excess grant money due to census errors. This repayment amounted to 0.26% of the original grant. To date, $251.9 million in excess grants has been returned on $52.4 billion (0.48%) that had been awarded to 65 of the applicants. This repayment process has to be nearing completion.

According to the PBGC’s website, the e-Filing portal is temporarily closed. As mentioned in prior updates, there remain 105 non-priority applications yet to be approved. More importantly, 73 have yet to file, and the 12/31/25 deadline is fast approaching. More to come.