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

The PBGC isn’t quite down to the wire as UConn was in yesterday’s incredible game with Duke, but they still have a lot to do before December 31, 2026. It doesn’t seem like they’ll have to throw up a prayer to win, but I guess that depends on the outcome related to the 80 or so plans currently on the waitlist related to mass withdrawal prior to 2020.

In last week’s activity, no applications were submitted through the PBGC’s eFiling portal which remains temporarily closed. There were also no applications approved or denied, but there were three applications withdrawn. UFCW, Local 23 and Giant Eagle Pension Plan, District Council 37 Local 389 Home Care Employees Pension Fund, and Bricklayers and Stonemasons Local Union #2 Pension Plan, each withdrew its initial application seeking SFA support. Collectively, they were looking to secure $89.9 million in SFA for their 15,195 members. They can resubmit those applications up until year-end.

In other news, none of the plans that were previously awarded SFA were asked to rebate a portion of that allocation due to census errors. As we’ve previously reported, it has been more than six months since the last rebate occurred. As a reminder, of the 67 plans that were audited, four were shown to have correct census data. For the 63 plans that rebated a portion of the SFA, $261 million or 0.49% of the $53.5 billion was rebated.

The waitlist continues to reveal just one non-mass withdrawal fund that hasn’t seen any activity on its potential application. There have been 113 waitlist SFA candidates that have seen action on applications. Only Plasterers Local 79 Pension Plan, added to the list in March 2025, still waits its turn.