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

The uncertainty surrounding the Iran invasion and the impact that it is already having on the U.S. consumer is disconcerting. However, it is comforting to know that the PBGC continues to fulfill its responsibilities regarding the implementation of the ARPA pension legislation. All revised applications are supposed to be resubmitted by December 31, 2026. All initial applications were to be submitted by the end of last year.

Currently, one non-Plan Terminated by Mass Withdrawal before 2020 Plan Year remains on the waitlist. Plasterers Local 79 Pension Plan is still waiting to submit their initial application despite the deadline cited above, but the PBGC’s e-Filing portal remains temporarily closed. Of the 13 applications residing with the PBGC, only one, Cumberland, Maryland Teamsters Construction and Miscellaneous Pension Plan, must be addressed in some way during March, as their 120-day window closes. There are seven pension funds that will have action taken by April 30th, while the remaining five under review will be resolved by June 30th.

Regarding last week’s activity, there were no new applications submitted for review and none were approved. Fortunately, no applications were denied nor were any asked to repay a portion of the Special Financial Assistance (SFA) received. However, there was one application withdrawn, as Colorado Cement Masons Pension Trust Fund pulled its revised application seeking $2.2 million in SFA for 163 plan members.

Despite the incredible work already completed by the PBGC, there remain 124 multiemployer pension plans hoping to receive SFA to support the promises that were given to their workers/retirees. Eighty of those funds fall under the special category of plans impacted by mass withdrawal. Will they get the chance to submit an application? Obviously, much more to come regarding their unique status.