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

I hope that those of you that were in the path of Fern, a storm that impacted 220 million folks in 36 states, have safely dug out at this time. I’m five shoveling expeditions in and I’m still not done! If you are still digging, but safe!

Regarding ARPA, the week ending January 23rd was relatively quiet, as the only activity had one plan withdrawing an application. Ironworkers’ Local 340 Retirement Income Plan pulled its initial application. This non-priority group member is seeking $44.7 million for the 819 plan participants.

Since that was the only activity on the latest spreadsheet, it means that no applications were received through the PBGC’s eFiling portal, no applications were approved or denied, no pension funds were asked to redeem portion of the SFA grant due to census errors and no multiemployer plans sought to be added to the waitlist.

Regarding the waitlist, I am still trying to understand why one still exists since the legislation made it clear that funds not submitting an initial application seeking SFA by December 31, 2025, would not be permitted to do so following that date. Not only does one still exist, but there are more than 80 funds residing on it.

Again, we hope that everyone is staying warm and dry. Be careful shoveling the snow. It doesn’t seem like we are going to get a heat wave anytime soon to help with that task! Finally, who will it be: Seattle or New England?